By Sheri Kasprzak
New York, Jan. 30 - Industrial Enterprises of America, Inc. revealed the details of its previously announced $5 million private placement of convertible debentures.
The company issued the debentures to JLF Asset Management, LLC.
The debentures are convertible into shares at $0.18 each.
The investor also received class A warrants equal to half of the shares issuable upon conversion and class B warrants equal to half of the shares issuable upon conversion.
The series A warrants are exercisable at $0.24 each and the class B warrants at $0.34 each for three years.
Neither the coupon nor the maturity of the debentures could be determined by press time Monday.
Proceeds will be used to complete the company's acquisition of Pitt Penn Oil Co.
Based in New York, Industrial Enterprises of America is a specialty automotive after-market supplier.
Issuer: | Industrial Enterprises of America, Inc.
|
Issue: | Convertible debentures
|
Amount: | $5 million
|
Conversion price: | $0.18
|
Warrants: | Class A warrants for half of the shares issuable upon conversion; class B warrants for half of the shares issuable upon conversion
|
Warrant expiration: | Three years
|
Warrant strike price: | $0.24 for class A, $0.34 for class B
|
Settlement date: | Jan. 27
|
Stock symbol: | OTCBB: ILNP
|
Stock price: | $0.23 at close Jan. 27
|
|
© 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.