By Sheri Kasprzak
New York, Jan. 9 - Ignis Petroleum Group, Inc. said it has received $2.5 million in a $5 million private placement of debentures.
Cornell Capital Partners, LP bought the three-year debentures and will fund another $1.5 million before Ignis files a registration statement and the remainder once the registration statement is declared effective.
The debentures bear interest at 7% annually.
Based in Dallas, Ignis is an oil and natural gas exploration, acquisition and development company.
| Issuer: | Ignis Petroleum Group, Inc.
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| Issue: | Debentures
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| Amount: | $5 million
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| Maturity: | Three years
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Jan. 9
|
| Stock price: | $1.07 at close Jan. 9
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