Convertible promissory notes due Oct. 1, 2016 sold to Silver Star Oil
By Devika Patel
Knoxville, Tenn., Oct. 1 – Lucas Energy, Inc. raised $200,000 in the first tranche of a $2.4 million private placement of 6% convertible promissory notes with Silver Star Oil Co. on Sept. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes mature on Oct. 1, 2016 and will convert to common shares at $1.50 per share. The conversion price is a 29.25% discount to the Sept. 25 closing share price of $2.12.
Houston-based Lucas is an oil and natural gas exploration and development company.
| Issuer: | Lucas Energy, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $2.4 million
|
| Maturity: | Oct. 1, 2016
|
| Coupon: | 6%
|
| Conversion price: | $1.50
|
| Conversion premium: | 21.07%
|
| Warrants: | No
|
| Investor: | Silver Star Oil Co.
|
| Settlement date: | Sept. 28 (for $200,000)
|
| Stock symbol: | NYSE: LEI
|
| Stock price: | $2.12 at close Sept. 25
|
| Market capitalization: | $2.99 million
|
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