By Sheri Kasprzak
New York, May 22 - Teton Energy Corp. settled a $9 million private placement of senior subordinated convertible notes.
The 8% notes are convertible into common shares at $5.00 each and are due May 15, 2008.
The offering was originally announced as a $7 million deal but was oversubscribed.
The investors also received warrants for 3.6 million shares, exercisable at $5.00 each.
The notes were sold through Commonwealth Associates, LP.
Teton Energy, based in Denver, is an oil and natural gas exploration company.
| Issuer: | Teton Energy Corp.
|
| Issue: | Senior subordinated convertible notes
|
| Amount: | $9 million
|
| Maturity: | May 15, 2008
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $5.00
|
| Warrants: | For 3.6 million shares
|
| Warrant strike price: | $5.00
|
| Placement agent: | Commonwealth Associates, LP
|
| Settlement date: | May 17
|
| Stock symbol: | Amex: TEC
|
| Stock price: | $4.80 at close May 17
|
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