Company sells 635,420 units with five-year warrants at $1.60 per unit
By Devika Patel
Knoxville, Tenn., May 1 - Infinity Energy Resources, Inc. settled a $1.02 million private placement of units in April, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 635,420 units of one common share and one half-share warrant at $1.60 per unit. Each whole warrant is exercisable at $2.50 for five years. The strike price reflects a 28.87% premium to the April 30 closing share price of $1.94.
Proceeds will be used to fund certain requirements of the company's Nicaraguan concessions, pay the company's promissory notes and as working capital.
Based in Chanute, Kan., Infinity is an oil and natural gas exploration company.
| Issuer: | Infinity Energy Resources, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $1,016,672
|
| Units: | 635,420
|
| Price: | $1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Announcement date: | May 1
|
| Stock symbol: | OTCBB: IFNY
|
| Stock price: | $1.94 at close April 30
|
| Market capitalization: | $38.44 million
|
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