Company stakeholder Andrew Black will invest £1.4 million through deal
By Devika Patel
Knoxville, Tenn., May 25 - Hydrodec Group plc said it has received commitments for a £2 million private placement of secured fixed-rate notes.
The 10% notes mature on July 31, 2014 and are not convertible.
Investors also will receive 10 million five-year warrants, which are exercisable after two years at 8p, an 8.4% premium to the closing price of the stock, 7.38p, on May 24.
The placement is anchored by a £1.4 million commitment from Andrew Black, who has a 5% stake in the company.
Based in London, Hydrodec Group provides oil and chemical process technology, products and services.
| Issuer: | Hydrodec Group plc
|
| Issue: | Secured fixed-rate notes
|
| Amount: | £2 million
|
| Maturity: | July 31, 2014
|
| Coupon: | 10%
|
| Warrants: | 10 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 8p
|
| Investor: | Andrew Black (for £1.4 million)
|
| Pricing date: | May 25
|
| Stock symbol: | London: HYR
|
| Stock price: | 7.7p at close May 25
|
| Market capitalization: | £26.19 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
