By Sheri Kasprzak
New York, April 11 - Petrol Oil and Gas, Inc. said it concluded a $5 million private placement of secured term notes with warrants.
The notes, purchased by Laurus Master Fund, Ltd., bear interest at Prime plus 325 basis points with a 10% floor and a 14% ceiling. The notes are due in three years.
The notes are redeemable at par plus interest.
The investor will receive warrants for 200,000 shares, exercisable at $1.80 each for five years.
Proceeds will be used for drilling activities on the company's Coal Creek project.
On Nov. 10, 2005, Petrol Oil raised $10 million from similar notes with Laurus.
Based in Las Vegas, Petrol is an oil, natural gas and coal bed methane exploration company.
| Issuer: | Petrol Oil and Gas, Inc.
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| Issue: | Secured term note
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| Amount: | $5 million
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| Maturity: | Three years
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| Coupon: | Prime plus 325 basis points, 10% floor, 14% ceiling
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| Warrants: | For 200,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.80
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | March 31
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| Stock symbol: | OTCBB: POIG
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| Stock price: | $1.86 at close March 31
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