By Devika Patel
Knoxville, Tenn., Aug. 12 - Florida Gaming Corp. completed a $1 million private placement of promissory notes on June 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature on Sept. 30, 2008. They bear interest at Prime rate plus 3%.
The investors also received warrants for 20,000 common shares. The warrants are exercisable at $12.50 until June 26, 2013.
The company may extend the notes' maturity date to Dec. 31, 2008 if it provides notice and the investors receive an additional warrant to purchase up to 10,000 shares on the same terms as the original warrants.
Based in Miami, Florida Gaming owns and operates gaming facilities.
| Issuer: | Florida Gaming Corp.
|
| Issue: | Promissory notes
|
| Amount: | $1 million
|
| Maturity: | Sept. 30, 2008, subject to extension
|
| Coupon: | Prime rate plus 3%
|
| Price: | Par
|
| Yield: | Prime rate plus 3%
|
| Warrants: | For 20,000 shares
|
| Warrant expiration: | June 26, 2013
|
| Warrant strike price: | $12.50
|
| Settlement date: | June 26
|
| Stock symbol: | OTCBB: FGMG
|
| Stock price: | $10.26 at close June 26
|
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