By Sheri Kasprzak
New York, Feb. 16 - Millennium Cell Inc. settled a $6 million private placement of unsecured convertible debentures.
The company sold 8.25% debentures due in two years. The debentures are convertible into common shares at $1.42 each.
The investors also received warrants for a number of shares equal to 35% of the shares issuable upon conversion. The warrants are exercisable at $1.14 each for three years.
The investors in the offering include Portside Growth & Opportunity Fund; Mainfield Enterprises, Inc.; Gemini Investment Strategies, LLC; Iroquois Master Fund Ltd.; JCB Capital LP; JCB Capital Offshore, Ltd.; Solomon Strategic Holdings, Inc.; and The Tail Wind Fund Ltd.
Located in Eatontown, N.J., Millennium Cell develops hydrogen-based fuel cells used in the military, medical, industrial and consumer markets.
| Issuer: | Millennium Cell Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $6 million
|
| Maturity: | Two years
|
| Coupon: | 8.25%
|
| Price: | Par
|
| Yield: | 8.25%
|
| Conversion price: | $1.42
|
| Warrants: | For shares equal to 35% of the shares issuable upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.14
|
| Investors: | Portside Growth & Opportunity Fund; Mainfield Enterprises, Inc.; Gemini Investment Strategies, LLC; Iroquois Master Fund Ltd.; JCB Capital LP; JCB Capital Offshore, Ltd.; Solomon Strategic Holdings, Inc.; The Tail Wind Fund Ltd.
|
| Settlement date: | Feb. 15
|
| Stock symbol: | Nasdaq: MCEL
|
| Stock price: | $1.09 at close Feb. 15
|
| Stock price: | $1.15 at close Feb. 16
|
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