By Devika Patel
Knoxville, Tenn., July 3 - Environment Ecology Holding Co. of China. completed a $2.5 million private placement of a convertible debenture on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. Trafalgar Capital Specialized Investment Fund, Luxembourg bought the note and agreed to buy up to $3.5 million more of the notes in future tranches.
The 10% senior secured convertible redeemable debenture matures in two years.
The note may be converted at a price per share equal to the lesser of 125% of the volume weighted average price of the company's stock on June 30 or 85% of the lowest daily closing volume weighted average price during the five trading days immediately preceding the conversion date.
The holder may not convert more than $25,000 of the debenture in any week unless it is a week in which the company's common stock trades higher than $0.30, in which case the holder may convert up to $100,000 of the note.
Environment Ecology is a landscape engineering company based in X'ian, China.
| Issuer: | Environment Ecology Holding Co. of China.
|
| Issue: | Senior secured convertible redeemable debenture
|
| Amount: | $6 million
|
| Maturity: | June 30, 2010
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | The lesser of 125% of the volume weighted average price on June 30 or 85% of the lowest daily closing volume weighted average price during the five trading days immediately preceding the date of conversion
|
| Warrants: | No
|
| Investor: | Trafalgar Capital Specialized Investment Fund, Luxembourg
|
| Settlement date: | June 30 (for $2.5 million)
|
| Stock symbol: | OTCBB: EVEH
|
| Stock price: | $0.33 at close June 30
|
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