By Devika Patel
Knoxville, Tenn., March 16 - Far East Energy Corp. settled a $10 million private placement of exchangeable notes, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes have an 8% coupon and will mature on March 13, 2011. They may be converted at an exchange rate of 21,052.63 shares per $10,000 of principal and interest, or $0.475 per share.
Investors also received warrants for 7.42 million shares. The warrants are exercisable at $1.00 for 18 months.
Far East is a Houston-based natural gas company focused on coal-bed methane projects.
| Issuer: | Far East Energy Corp.
|
| Issue: | Exchangeable notes
|
| Amount: | $10 million
|
| Maturity: | March 13, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.475
|
| Conversion ratio: | 21,052.63 shares per $10,000
|
| Warrants: | For 7.42 million shares
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $1.00
|
| Pricing date: | March 13
|
| Stock symbol: | OTCBB: FEEC
|
| Stock price: | $0.27 at close March 13
|
| Market capitalization: | $43.6 million
|
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