By Sheri Kasprzak
New York, April 2 - Neutron Enterprises, Inc. closed a private placement of convertible notes and stock for $6.9 million.
The company sold a $2.1 million secured convertible note and sold $4.8 million in units.
Neutron issued 2.4 million units at $2.00 each. The units include one share and one half-share warrant. Each whole warrant is exercisable at $2.50 for two years.
The 8% note purchased by Caledonia Management Group Ltd. is due in 18 months and is convertible into 840,000 shares at $2.50 each.
Proceeds will be used for the accelerated development of the company's fantasy stock market competition.
Montreal-based Neutron operates a prize-based fantasy stock market portal.
Units
| Issuer: | Neutron Enterprises, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $4.8 million
|
| Units: | 2.4 million
|
| Price: | $2.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.50
|
| Settlement date: | April 2
|
| Stock symbol: | OTCBB: NTRN
|
| Stock price: | $1.85 at close April 2
|
|
|
| Convertible note
|
| Issuer: | Neutron Enterprises, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $2.1 million
|
| Maturity: | 18 months
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.50
|
| Conversion ratio: | Into 840,000 shares
|
| Warrants: | No
|
| Investor: | Caledonia Management Group Ltd.
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: NTRN
|
| Stock price: | $1.85 at close March 30
|
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