By Sheri Kasprzak
New York, March 23 - Intrepid Technology & Resources, Inc. settled a $3.5 million private placement of secured convertible debentures with Cornell Capital Partners, LP.
The 9% debentures are due in three years and are convertible into common shares at the lesser of $0.06 or 90% of the lowest volume weighted average share price during the 30 trading days before conversion.
Cornell also received warrants for 15 million shares, exercisable at $0.055 each for five years.
Proceeds will be used for the development of the company's bio-gas plans and for the future development of bio-gas fields. The rest will be used for working capital.
Based in Idaho Falls, Idaho, Intrepid is a biofuels and renewable energy company.
| Issuer: | Intrepid Technology & Resources, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $3.5 million
|
| Maturity: | Three years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | The lesser of $0.06 or 90% of the lowest VWAP for the 30 trading days before conversion
|
| Warrants: | For 15 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.055
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | March 23
|
| Stock symbol: | OTCBB: IESV
|
| Stock price: | $0.064 at close March 23
|
© 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.
