By Devika Patel
Knoxville, Tenn., May 30 - Platina Energy Group Inc. received a $2.3 million loan from Trafalgar Capital Specialized Fund, Luxembourg on May 22, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loan is evidenced by a 10% secured convertible promissory note. Interest is payable monthly, beginning in one month.
The note matures Aug. 21, 2011.
If the company's common stock trades at $0.30 or more, Trafalgar may opt to convert all or part of the principal or interest into common shares at the fixed price of $0.081 per share, subject to various adjustments.
As part of this transaction, the company issued 2.3 million restricted common shares to Trafalgar and pledged 57,500 series E preferred shares to secure the note. The note is further secured by all of the company's assets.
Proceeds will be used to develop the company's oil and gas prospects.
Based in Cheyenne, Wyo., Platina Energy is an oil and gas exploration and production company.
| Issuer: | Platina Energy Group Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $2.3 million
|
| Maturity: | Aug. 21, 2011
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.081
|
| Warrants: | No
|
| Investor: | Trafalgar Capital Specialized Fund, Luxembourg
|
| Settlement date: | May 22
|
| Stock symbol: | OTCBB: PLTG
|
| Stock price: | $0.08 at close May 22
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
