By Sheri Kasprzak
New York, March 7 - Rockelle Corp. said it has settled a $2 million private placement of convertible debentures.
The debentures mature March 1, 2009, bear interest at 6% annually and are convertible into common shares at 50% of the average of the lowest three trading prices for the 20 trading days before conversion.
The investors will also receive warrants for 3 million shares exercisable at $1.00 each for seven years and warrants for 3 million shares exercisable at $1.50 for seven years.
The company expects to close two additional tranches of this offering.
Based in Miller Place, N.Y., Rockelle operates and leases a chain of fast-food restaurants.
| Issuer: | Rockelle Corp.
|
| Issue: | Convertible debentures
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| Amount: | $2 million
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| Maturity: | March 1, 2009
|
| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
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| Conversion price: | 50% of the average of the lowest three trading prices for the 20 trading days before conversion
|
| Warrants: | For 6 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.00 for half, $1.50 for half
|
| Settlement date: | March 3
|
| Stock symbol: | OTCBB: RKLC
|
| Stock price: | $0.80 at close March 3
|
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