Three-year convertibles are also accompanied by 15,000 common shares
By Devika Patel
Knoxville, Tenn., Oct. 9 - Fuelstream Inc. completed a private placement of $470,000 of 6% convertible debentures on Oct. 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company sold the debentures for $423,000.
The debentures mature in three years and are convertible into common shares at either 60% or 75%, depending on the debenture, of the lowest closing bid price of the shares for the 20 trading days prior to conversion. The investor also received 15,000 common shares.
The debentures are redeemable at 120 to 140.
Fuelstream is a sports management and marketing company in Fort Lauderdale, Fla.
| Issuer: | Fuelstream Inc.
|
| Issue: | Convertible debentures, 15,000 common shares
|
| Amount: | $470,000
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | $423,000
|
| Call: | At 120-140
|
| Warrants: | No
|
| Settlement date: | Oct. 2
|
| Stock symbol: | OTCBB: FLST
|
| Stock price: | $2.40 at close Oct. 1
|
| Market capitalization: | $25.36 million
|
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