By Sheri Kasprzak
New York, April 18 - Imperial One Ltd. said it has agreed to close a A$1.5 million private placement of three-year convertible notes.
Belgravia Group Pty. Ltd. and Belgravia Associates (NSW) Pty. Ltd. agreed to buy the three-year notes, which have a value of A$1.00 each.
The 12% notes are convertible into 100 common shares for every note.
The proceeds will be used to fund the company's natural gas joint venture interest in the Appalachian basin of Pennsylvania. The rest will be used for working capital.
Separately, the company intends to conduct a one-for-four non-renouceable rights offering at A$0.008 each.
Sydney, Australia-based Imperial is an oil and natural gas exploration company.
| Issuer: | Imperial One Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$1.5 million
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion ratio: | Into 100 common shares per note
|
| Warrants: | No
|
| Investors: | Belgravia Group Pty. Ltd. and Belgravia Associates (NSW) Pty. Ltd.
|
| Settlement date: | April 18
|
| Stock symbol: | Australia: IMP
|
| Stock price: | A$0.014 at close April 18
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