Deal includes warrants; three-year promissory note sold to Rick Wilbur
By Devika Patel
Knoxville, Tenn., June 20 - Rockdale Resources Corp. sold a $350,000 convertible note to Rick Wilber in a private placement on June 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 6% convertible secured promissory note will be convertible into common shares at $0.30 per share, a 15.39% premium to the June 14 closing share price of $0.26. It is due on June 17, 2016.
Wilber also received warrants for 1 million shares. The warrants are exercisable at $0.80 until June 17, 2023. The strike price reflects a 207.69% premium to the June 14 closing price.
The oil and gas explorer is based in Austin, Texas.
| Issuer: | Rockdale Resources Corp.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $350,000
|
| Maturity: | June 17, 2016
|
| Coupon: | 6%
|
| Conversion price: | $0.30
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | June 17, 2023
|
| Warrant strike price: | $0.80
|
| Investor: | Rick Wilber
|
| Settlement date: | June 17
|
| Stock symbol: | OTCBB: BBLS
|
| Stock price: | $0.26 at close June 14
|
| Market capitalization: | $3.92 million
|
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