Three-year notes with warrants for 285,000 shares sold to Rick Wilber
By Toni Weeks
San Luis Obispo, Calif., Oct. 3 - Rockdale Resources Corp. said it settled a private placement of convertible promissory notes on Sept. 30, raising $100,000, according to an 8-K filed Thursday with the Securities and Exchange Commission. Rick Wilber was the investor.
The 6% notes are due Sept. 30, 2016 and convert to common stock at a conversion price of $0.30 per share. The conversion price is identical to the closing share price on Oct. 2.
The deal also included warrants for 285,000 shares, each one exercisable at $0.80 until Sept. 30, 2023. The strike price is a 166.67% premium to the Oct. 2 closing share price.
The company may call the notes at any time.
Rockdale is an oil and gas exploration company in Austin, Texas.
| Issuer: | Rockdale Resources Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | Sept. 30, 2016
|
| Coupon: | 6% beginning Dec. 30
|
| Conversion price: | $0.30
|
| Call: | Yes
|
| Warrants: | For 285,000 shares
|
| Warrant expiration: | Sept. 30, 2023
|
| Warrant strike price: | $0.80
|
| Investor: | Rick Wilber
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: BBLS
|
| Stock price: | $0.30 at close Oct. 2
|
| Market capitalization: | $4.2 million
|
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