By Sheri Kasprzak
New York, May 21 - Intrepid Technology & Resources, Inc. pocketed another $1 million from a private placement of secured convertible debentures with Cornell Capital Partners, LP.
Cornell bought 9% debentures due in three years. The debentures are convertible into common shares at the lesser of $0.06 or 90% of the lowest volume-weighted average price of the company's stock for the 30 consecutive trading days before the conversion date.
The company had previously raised $2.5 million from the offering, which closed on March 23. This closing, conducted after the company filed a registration statement covering the underlying shares, brings the total to $3.5 million.
Based in Idaho Falls, Idaho, Intrepid is a biofuels and renewable energy company.
| Issuer: | Intrepid Technology & Resources, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $1 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 consecutive trading days before conversion
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | May 21
|
| Stock symbol: | OTCBB: IESV
|
| Stock price: | $0.059 at close May 21
|
© 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.
