By Sheri Kasprzak
New York, June 12 - Ness Energy International, Inc. closed a $1,022,727 private placement of convertible notes.
The 10% notes were purchased by Alpha Capital AG; Iroquois Master Fund Ltd.; Bristol Investment Fund, Ltd.; and Ellis International Ltd.
The notes mature on May 31, 2007 and are convertible into common shares at $0.155 each.
Ness may prepay the notes at 120% of the principal being paid, plus interest.
The investors received warrants for 6,598,241 shares, exercisable at $0.2047 each for three years.
KMR Capital, LLC was the placement agent.
Willow Park, Texas-based Ness is an oil and natural gas exploration, acquisition, development and production company.
| Issuer: | Ness Energy International, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1,022,727
|
| Maturity: | May 31, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.155
|
| Call: | May be prepaid at 120% of principal plus interest
|
| Warrants: | For 6,598,241 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.2047
|
| Investors: | Alpha Capital AG; Iroquois Master Fund Ltd.; Bristol Investment Fund, Ltd.; and Ellis International Ltd.
|
| Placement agent: | KMR Capital, LLC
|
| Settlement date: | June 6
|
| Stock symbol: | OTCBB: NESS
|
| Stock price: | $0.18 at close June 6
|
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