Investors buy 10% notes due in 2013 that are convertible at $1.00
By Devika Patel
Knoxville, Tenn., Nov. 30 - Red Mountain Resources, Inc. sold three convertible promissory notes on Nov. 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The notes have a combined principal amount of $2.75 million.
The 10% notes mature on Nov. 25, 2013 and have an initial conversion price of $1.00, which is a 37.11% discount to the Nov. 23 closing share price of $1.59.
Personalvorsorge der Autogrill Schweiz AG invested $1.5 million, Hohenplan Privatstiftung invested $1 million, and SST Advisors, Inc. invested $250,000.
Red Mountain is a Dallas-based oil and natural gas company.
| Issuer: | Red Mountain Resources, Inc.
|
| Issue: | Secured convertible promissory notes
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| Amount: | $2.75 million
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| Maturity: | Nov. 25, 2013
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| Coupon: | 10%
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| Conversion price: | $1.00
|
| Warrants: | No
|
| Investors: | Personalvorsorge der Autogrill Schweiz AG (for $1.5 million), Hohenplan Privatstiftung (for $1 million) and SST Advisors, Inc. (for $250,000)
|
| Settlement date: | Nov. 25
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| Stock symbol: | OTCBB: RDMP
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| Stock price: | $1.59 at close Nov. 25
|
| Market capitalization: | $106.75 million
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