By Devika Patel
Knoxville, Tenn., Jan. 6 - Magnum D'Or Resources, Inc. announced further details on a $3.5 million private placement of 9% senior secured convertible notes. The deal settled on Dec. 23.
The note will mature in December 2010 and may be converted into common stock at fair market value at a conversion price of $1.21 per share, the closing price of its shares on Dec 21.
Investors also received series A warrants for 2,169,422 shares, series B warrants for 2,892,562 shares and series C warrants for 2,169,422 shares. The warrants are all exercisable at $1.21 for five years.
Proceeds will be used for general corporate purposes that include procuring equipment to complete production facilities at Hudson, infrastructure improvements and additional heavy equipment.
Based in Fort Lauderdale, Fla., Magnum is a recycling development stage company that holds exclusive license agreements for the United States, Canada and China.
| Issuer: | Magnum D'Or Resources, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $3.5 million
|
| Maturity: | December 2010
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $1.21
|
| Warrants: | For 7,231,406 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.21
|
| Settlement date: | Dec. 23
|
| Stock symbol: | OTCBB: MDOR
|
| Stock price: | $1.16 at close Dec. 23
|
| Market capitalization: | $54 million
|
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