Conversion price will match that of common stock sold in IPO
By Angela McDaniels
Tacoma, Wash., March 24 - FusionTech, Inc. completed the second tranche of a private placement of 8% senior convertible promissory notes. The company settled $1.1 million of the convertibles on March 9 and $1.84 million more on March 21 for a total of $2.94 million.
The notes will mature on the earlier of four days after the company prices its initial public offering of common stock and 180 days after the private placement closes, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be convertible into common shares at the per-share price of the IPO.
Based in Dalian, China, FusionTech makes clean technology industrial machinery used in the coking process. Its stock is not active.
| Issuer: | FusionTech, Inc.
|
| Issue: | Senior convertible promissory notes
|
| Amount: | $2,936,000
|
| Maturity: | Sooner of four days after pricing of IPO and 180 days
|
| Coupon: | 8%
|
| Conversion price: | The per-share price of the IPO
|
| Warrants: | No
|
| Settlement dates: | March 9 (for $1.1 million); March 21 (for $1,836,000)
|
| Stock symbol: | OTCBB: ZPNPD
|
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