Lucas Energy seals $200,000 of $2.4 million 6% convertibles placement

Convertible promissory notes due Oct. 1, 2016 sold to Silver Star Oil

By Devika Patel

Knoxville, Tenn., Jan. 5 – Lucas Energy, Inc. raised $200,000 in the fourth tranche of a $2.4 million private placement of 6% convertible promissory notes with Silver Star Oil Co. on Dec. 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal raised $200,000 on Sept. 28, $200,000 on Oct. 23 and $200,000 on Nov. 25.

The notes mature on Oct. 1, 2016 and are convertible into 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 discount:	21.07%
Warrants:	No
Investor:	Silver Star Oil Co.
Settlement dates:	Sept. 28 (for $200,000), Oct. 23 (for $200,000), Nov. 25 (for $200,000), Dec. 31 (for $200,000)
Stock symbol:	NYSE: LEI
Stock price:	$2.12 at close Sept. 25
Market capitalization:	$10.11 million

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