By Sheri Kasprzak
New York, Dec. 9 - The Furia Organization, Inc. revealed the details of its previously announced $1.5 million convertible note offering.
The company issued the notes to New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC.
The 8% notes mature in three years and are convertible into common shares at a price equal to 55% of the average of the three lowest intraday trading prices for the 20 trading days before conversion.
So far, the investors have funded $1 million of the notes and will fund the remainder once a registration statement is declared effective.
The notes may be prepaid at any time assuming the company's market price is at or below $0.20.
The investors received warrants for 3 million shares, exercisable at $0.25 each for five years.
Based in Rockwall, Texas, Furia is an emerging refrigerated trucking company.
| Issuer: | The Furia Organization
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| Issue: | Convertible notes
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| Amount: | $1.5 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | Equal to 55% of the three lowest intraday trading prices of the 20 trading days before conversion
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| Call: | May be prepaid assuming market price is below $0.20
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| Warrants: | For 3 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.25
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| Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC
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| Settlement date: | Nov. 18
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| Stock price: | $0.064 at close Nov. 18
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