By Devika Patel
Knoxville, Tenn., Aug. 21 - Platina Energy Group Inc. completed a $1.2 million loan from Trafalgar Capital Specialized Fund, Luxembourg on Aug. 18, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The loan is evidenced by a 10% secured convertible promissory note. Interest is payable monthly.
The note matures Aug. 18, 2010.
If the company's common stock trades at $0.40 or more, Trafalgar may opt to convert all or part of the principal or interest into common shares at the fixed price of $0.102 per share, subject to various adjustments.
As part of this transaction, the company issued 4.7 million restricted common shares to Trafalgar and pledged 27,500 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.
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Issue: | Secured convertible promissory note
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Amount: | $1.2 million
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Maturity: | Aug. 18, 2010
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion price: | $0.102
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Warrants: | No
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Investor: | Trafalgar Capital Specialized Fund, Luxembourg
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Settlement date: | Aug. 18
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Stock symbol: | OTCBB: PLTG
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Stock price: | $0.10 at close Aug. 18
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