By Sheri Kasprzak
New York, May 3 - New Century Energy Corp. has settled a $40 million private placement of a secured term note on behalf of subsidiary Gulf Coast Oil Corp. with Laurus Master Fund, Ltd.
The note, due Oct. 28, 2009, bears interest at Prime plus 200 basis points with an 8% ceiling.
Laurus will also receive warrants for 961 shares at $0.001 each. The warrants may be not exercised until the amounts owed to Laurus have been repaid in full.
Houston-based New Century is an oil and natural gas exploration and development company.
| Issuer: | New Century Energy Corp.
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| Issue: | Secured term note
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| Amount: | $40 million
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| Maturity: | Oct. 28, 2009
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| Coupon: | Prime plus 200 basis points, 8% ceiling
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| Warrants: | For 961 shares of Gulf Coast Oil Corp.
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| Warrant strike price: | $0.001
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | April 26
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| Stock symbol: | OTCBB: NCEY
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| Stock price: | $0.31 at close April 26
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