Royal Spring Water pockets $1.25 million from convertibles

By Sheri Kasprzak

New York, Jan. 18 - Royal Spring Water Inc. settled a private placement of convertible notes for $1.25 million.

The full terms of the two-year notes could not be determined by press time Thursday.

The investors received warrants for 500,000 shares, exercisable at prices ranging from $2.00 to $5.00 for five years.

Royal Spring has the option to pay off the note within two years.

Proceeds will be used for the purchase of additional bottling equipment and for working capital.

Located in Los Angeles, Royal Spring is a spring water bottler and distributor.

On Thursday, Royal Spring's stock gained 14 cents, or 7.04%, to close at $2.13 (Pink Sheets: RSPG).

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