By Sheri Kasprzak
New York, June 15 - Franklyn Resources III, Inc. completed a $3.5 million private placement of convertible notes.
The 6% notes were issued to Barron Partners LP, JCAR Funds Ltd., Ray Rivers and Steve Mazur.
The notes are due March 31, 2007 and are convertible into common shares at $0.65 each.
The investors received warrants for 6 million shares, exercisable at $0.85 each, for 6 million shares, exercisable at $1.20 each and for 6 million shares, exercisable at $1.75 each.
The offering was conducted as part of Franklyn's acquisition of Sinoenergy Holding Ltd.
Franklyn, based in Glendale, Colo., is a development-stage company with no significant operations.
| Issuer: | Franklyn Resources III, Inc.
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| Issue: | Convertible notes
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| Amount: | $3.5 million
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| Maturity: | March 31, 2007
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Conversion price: | $0.65
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| Warrants: | For 18 million shares
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| Warrant strike price: | $0.85 for 6 million, $1.20 for 6 million, $1.75 for 6 million
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| Investors: | Barron Partners LP, JCAR Funds Ltd., Ray Rivers and Steve Mazur
|
| Settlement date: | June 2
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