By Sheri Kasprzak
New York, June 15 - Petrol Oil and Gas, Inc. settled a $10 million private placement of notes with warrants.
The company issued to Laurus Master Fund, Ltd. a three-year note. The note bears interest at Prime rate plus 325 basis points with a 10% floor and a 14% ceiling.
The investor also received warrants for 400,000 shares, exercisable at $1.65 each through May 31, 2011.
The note may be redeemed at par plus interest.
Proceeds will be used for drilling on the Coal Creek project.
Based in Overland Park, Kan., Petrol is an oil and natural gas exploration company.
| Issuer: | Petrol Oil and Gas, Inc.
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| Issue: | Notes
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| Amount: | $10 million
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| Maturity: | May 31, 2009
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| Coupon: | Prime rate plus 325 basis points, 10% floor, 14% ceiling
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| Call: | Redeemable at par plus interest
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| Warrants: | For 400,000 shares
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| Warrant expiration: | May 31, 2011
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| Warrant strike price: | $1.65
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | May 31
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| Stock symbol: | OTCBB: POIG
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| Stock price: | $1.46 at close May 31
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