By Sheri Kasprzak
New York, June 19 - EGPI Firecreek, Inc. settled a $2 million private placement of seven-year convertible debentures with Dutchess Private Equities Fund, Ltd.
The 12% debentures are due June 11, 2014 and are convertible into common shares at the lesser of $0.015 each and 75% of the lowest closing bid price for the 20 trading days before notice of conversion.
The company may choose to prepay the debentures at par.
Based in Scottsdale, Ariz., EGPI is an oil and natural gas exploration company.
| Issuer: | EGPI Firecreek, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2 million
|
| Maturity: | June 11, 2014
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | The lesser of $0.015 each and 75% of the lowest closing bid price for the 20 trading days before notice of conversion
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Settlement date: | June 11
|
| Stock symbol: | OTCBB: EFCR
|
| Stock price: | $0.006 at close June 11
|
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