By Laura Lutz
Des Moines, Aug. 8 - Ever-Glory International Group, Inc. completed a private placement of secured convertible notes and warrants for $2 million.
Six investors bought the notes, which bear interest at 6% per year and mature on Aug. 2, 2009.
Interest is payable quarterly in cash or in common stock. If it is paid in stock, the holders will receive shares equal to 110% of the interest due, each priced at the volume-weighted average price of the company's stock for the 10 trading days before the interest payment date.
The notes are convertible at $0.22 per share.
Ever-Glory may redeem the notes at any time for 125% of par plus accrued interest.
The investors received warrants for about 9.1 million shares, exercisable at $0.32 for five years.
Ever-Glory is a clothing company based in Los Angeles.
| Issuer: | Ever-Glory International Group, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $2 million
|
| Maturity: | Aug. 2, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.22
|
| Warrants: | For about 9.1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.32
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 6
|
| Stock symbol: | OTCBB: EGLY
|
| Stock price: | $0.27 at close Aug. 2
|
| Stock price: | $0.25 at close Aug. 6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
