Deal includes three-year warrants, 10% convertible promissory notes
By Devika Patel
Knoxville, Tenn., July 17 - Itronics Inc. arranged a $750,000 private placement of units on July 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal has a $75,000 greenshoe.
The company will sell units of 10% callable convertible promissory notes and warrants. The notes are convertible into common stock at $0.30 in the first year and at $0.40 after the first year. The warrants are each exercisable at $0.50 for three years.
The conversion prices are 87.5% and 150% premiums to the July 9 closing share price of $0.16. The warrant strike price is a 212.5% premium to that price.
Based in Reno, Nev., Itronics operates a photochemical, silver and water recycling facility that removes the heavy metals from photoliquids.
| Issuer: | Itronics Inc.
|
| Issue: | Units of 10% callable convertible promissory notes and warrants
|
| Amount: | $750,000
|
| Greenshoe: | $75,000
|
| Units: | 8,000 (approximate)
|
| Coupon: | 10%
|
| Maturity: | Five years
|
| Conversion price: | $0.30 in the first year, $0.40 after the first year
|
| Call: | Yes
|
| Warrants: | Yes
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.50
|
| Pricing date: | July 10
|
| Stock symbol: | Pink Sheets: ITRO
|
| Stock price: | $0.16 at close July 9
|
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