By Sheri Kasprzak
New York, March 29 - Neutron Enterprises, Inc. settled a $2.1 million private placement of convertible notes.
Caledonia Management Group Ltd. bought the 8% notes, which are convertible into 840,000 shares at $2.50 each.
The notes are due 18 months after issuance. If Neutron completes a $7 million debt or equity financing before that time, Caledonia may insist on prepayment of the notes.
Montreal-based Neutron operates a prize-based fantasy stock market portal.
| Issuer: | Neutron Enterprises, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $2.1 million
|
| Maturity: | The earlier of 18 months and the completion of a $7 million equity or debt financing
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.50
|
| Conversion ratio: | Into 840,000 common shares
|
| Warrants: | No
|
| Investor: | Caledonia Management Group Ltd.
|
| Settlement date: | March 23
|
| Stock symbol: | OTCBB: NTRN
|
| Stock price: | $1.82 at close March 23
|
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