Hohenplan Privatstiftung buys 10% promissory note due July 30, 2013
By Devika Patel
Knoxville, Tenn., July 30 - Red Mountain Resources, Inc. sold a $1 million convertible promissory note to Hohenplan Privatstiftung on July 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% notes mature on July 30, 2013 and have an initial conversion price of $1.50, which will be adjusted if the company sells equity at a lower price in a financing prior to maturity. The conversion price is a 16.28% premium to the July 27 closing share price of $1.29.
Red Mountain is a Dallas-based energy company.
| Issuer: | Red Mountain Resources, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1 million
|
| Maturity: | July 30, 2013
|
| Coupon: | 10%
|
| Conversion price: | $1.50
|
| Conversion premium: | 16.28%
|
| Warrants: | No
|
| Investors: | Hohenplan Privatstiftung
|
| Settlement date: | July 30
|
| Stock symbol: | OTCBB: RDMP
|
| Stock price: | $1.29 at close July 27
|
| Market capitalization: | $106.18 million
|
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