By Devika Patel
Knoxville, Tenn., March 6 - Energy Quest, Inc. said it plans to settle a $120 million private placement of a zero-coupon convertible debenture on April 1. The deal priced in September.
Vasant Jain, the company's new chief financial officer, is the investor.
Energy Quest has agreed to repay the debenture at maturity on Sept. 4, 2012.
From Sept. 4, 2012 to Sept. 4, 2017, any outstanding principal amount will be convertible into common stock at a conversion price of $50.00 per share.
Proceeds will be used for settlement of the company's outstanding debts, for acquisitions of several companies, for business expansion and for working capital.
Based in Henderson, Nev., Energy Quest develops and produces hydrogen-enriched alternative fuels.
| Issuer: | Energy Quest, Inc.
|
| Issue: | Convertible debenture
|
| Amount: | $120 million
|
| Maturity: | Sept. 4, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | $50.00, from Sept. 4, 2012 to Sept. 4, 2017
|
| Investor: | Vasant Jain
|
| Pricing date: | Sept. 10
|
| Settlement date: | April 1
|
| Stock symbol: | OTCBB: EQST
|
| Stock price: | $1.52 at close Sept. 7
|
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