Proceeds used for working capital, exploration, corporate development
By Devika Patel
Knoxville, Tenn., Feb. 22 - International Silver, Inc. plans a $2.2 million private placement of convertible notes with ISLV Partners, LLC, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The investor will loan the company $1 million initially, with an additional $1.2 million to settle by April 15, 2013.
The note is convertible into common shares at $0.20 per share.
ISLV also received warrants for 5 million shares. The warrant is exercisable $0.40 until Feb. 21, 2016.
The conversion price of the notes and warrant strike price are a 42.86% discount and 14.29% premium to the Feb. 21 closing share price of $0.35.
Proceeds will be used for working capital, exploration and corporate development purposes.
The silver explorer is based in Tucson, Ariz.
| Issuer: | International Silver, Inc.
|
| Issue: | Convertible note
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| Amount: | $2.2 million
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| Conversion price: | $0.20
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| Warrants: | For 5 million shares
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| Warrant expiration: | Feb. 21, 2016
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| Warrant strike price: | $0.40
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| Investor: | ISLV Partners, LLC
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| Announcement date: | Feb. 22
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| Stock symbol: | OTCBB: ISLV
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| Stock price: | $0.35 at close Feb. 21
|
| Market capitalization: | $12.97 million
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