By Sheri Kasprzak
New York, Sept. 1 - Longreach Group Ltd. said it completed a private placement of convertible notes for A$2 million.
The notes mature on Oct. 31, 2008, bear interest at 10% annually and are convertible into common shares at A$0.012 each.
JM Financial Group Ltd. was the underwriter for the offering.
Separately, Longreach is conducting a rights issue in which all of its shareholders will receive one convertible note for every six shares held at A$0.012 per note.
The shareholders that convert the notes received in the rights issue before April 30, 2007 will receive one note for every two notes converted at A$0.012 each.
Based in Sydney, Australia, Longreach makes microwave radios and multi-service switches.
| Issuer: | Longreach Group Ltd.
|
| Issue: | Convertible notes
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| Amount: | A$2 million
|
| Maturity: | Oct. 31, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | A$0.012
|
| Warrants: | No
|
| Underwriter: | JM Financial Group Ltd.
|
| Settlement date: | Sept. 1
|
| Stock price: | A$0.0015 at close Sept. 1
|
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