By Sheri Kasprzak
New York, Dec. 12 - Infinity Energy Resources, Inc. said it has completed a private placement of additional senior secured notes for $5.5 million.
The additional notes mature in 42 months with an option for extension by another year. The notes bear interest at Libor plus 675 basis points and are redeemable for cash any time in the first year at 105% of par value, declining by 1% per year thereafter, plus accrued interest.
The investors also received warrants for 191,882 shares exercisable at $8.03 each for five years and for 151,988 shares exercisable at $9.77 each for five years.
The notes are in addition to $30 million in senior secured notes issued on Jan. 13. Those notes mature in four years and bear interest at Libor plus 675 basis points.
Based in Chanute, Kan., Infinity is an oil and natural gas exploration company.
| Issuer: | Infinity Energy Resources, Inc.
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| Issue: | Senior secured notes
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| Amount: | $5.5 million
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| Maturity: | 42 months
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| Coupon: | Libor plus 675 basis points
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| Call: | Redeemable in cash in the first year at 105% of par value plus interest, decreasing by 1% per year thereafter
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| Warrants: | For 343,870 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $8.03 for 191,882 shares; $9.77 for 151,988 shares
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| Settlement date: | Dec. 9
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| Stock price: | $6.95 at close Dec. 9
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