By Devika Patel
Knoxville, Tenn., Oct. 26 - Atlas Mining Co. sold $2 million of 10% pay-in-kind convertible notes on Oct. 26, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes are due Dec. 15, 2018.
They are subject to mandatory conversion under certain circumstances and are convertible into shares at a conversion price of $1.00, which is subject to adjustment.
Based in Osburn, Idaho, Atlas is a mineral exploration and timber-harvesting company focused on properties in Idaho and Utah.
| Issuer: | Atlas Mining Co.
|
| Issue: | PIK convertible notes
|
| Amount: | $2 million
|
| Maturity: | Dec. 15, 2018
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Settlement date: | Oct. 26
|
| Stock symbol: | OTCBB: ALMI
|
| Stock price: | $0.85 at close Oct. 23
|
| Market capitalization: | $55.7 million
|
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