By Sheri Kasprzak
New York, Jan. 5 - North American Technologies Group, Inc. said it has completed a private placement of convertible debentures for $6.5 million.
Separately, North American said its chief executive officer, Henry Sullivan, has resigned. He has been replaced by Neal Kaufman, the company's chief strategist.
The 7% debentures mature on Dec. 31, 2006. The conversion price of the debentures could not be determined Thursday.
So far, the company has received $1.5 million of the proceeds. Another $3.5 million will be funded in early 2006, based on sales and planning objectives, and the remaining $1.5 million will be funded later in 2006.
Some of the proceeds will be used to bring the company's Marshall, Texas, production lines to full capacity. The rest will be used for working capital.
Based in Houston, North American makes railroad crossties.
| Issuer: | North American Technologies Group, Inc.
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| Issue: | Convertible debentures
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| Amount: | $6.5 million
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| Maturity: | Dec. 31, 2006
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| Coupon: | 7%
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| Warrants: | No
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| Settlement date: | Dec. 31
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| Stock price: | $0.15 at close Dec. 31
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