Senior promissory note will convert at per-share price of public offer
By Devika Patel
Knoxville, Tenn., March 31 - FusionTech Inc. concluded a $3.6 million private placement of 8% senior convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company sold $1.1 million in notes on March 9, $1.84 million on March 21 and $664,000 on March 28.
The 180-day note will convert to common shares at the per share price of a planned public offering.
Based in Changchun, Nev., 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: | $3.6 million
|
| Maturity: | 180 days
|
| Coupon: | 8%
|
| Conversion price: | $0.30
|
| Warrants: | No
|
| Settlement date: | March 9 (for $1.1 million), March 21(for $1,836,000), March 28 (for $664,000)
|
| Stock symbol: | OTCBB: ZPNPD
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