By Sheri Kasprzak
Atlanta, March 3 - New Frontier Energy Inc. said it has closed a private placement of units for $3,217,500.
The offering includes 247.5 units at $13,000 each. Each unit includes $13,000 in series B cumulative convertible preferred stock and warrants for 20,000 shares.
The preferreds are convertible into 20,000 common shares at $0.65 each and pay annual dividends of 12%.
The warrants allow for an additional share at $1.50 each for three years.
Westminster Securities Corp. was the placement agent.
Based in Denver, New Frontier is an oil and gas exploration, acquisition and development company. It plans to use the proceeds for working capital and general corporate purposes.
| Issuer: | New Frontier Energy Inc.
|
| Issue: | Units of $13,000 in series B cumulative convertible preferred stock and warrants for 20,000 shares
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| Amount: | $3,217,500
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| Units: | 247.5
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| Price: | $13,000
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| Dividends: | 12%
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| Conversion price: | $0.65
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| Conversion ratio: | Into 20,000 shares
|
| Warrants: | For 20,000 shares for each unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
|
| Placement agent: | Westminster Securities Corp.
|
| Settlement date: | March 3
|
| Stock price: | $0.90 at close March 2
|
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