By Devika Patel
Knoxville, Tenn., May 6 - TOR Minerals International, Inc. completed a $1 million private placement of units on May 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It may sell up to $4 million of the units.
The company sold units at $25,000.00 per unit. The company's chairman, Bernard Paulson, bought 20 units for $500,000; the company's director, David Hartman, bought 10 units for $250,000 and the company's director, Douglas Hartman, also bought 10 units for $250,000.
Each unit consists of $25,000 of 6% convertible subordinated debentures due May 4, 2016 and 47,170 detachable warrants. Each warrant is exercisable at $0.53 for seven years.
The debentures are convertible into shares at $0.53 per share. Interest is payable quarterly. The company may prepay the debentures, upon 30 days' notice, if certain conditions are met.
Based in Corpus Christi, Texas, TOR Minerals is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications, including synthetic titanium dioxide, color pigments, specialty aluminas and other high performance mineral fillers.
| Issuer: | TOR Minerals International, Inc.
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| Issue: | Units of $25,000 of convertible subordinated debentures and 47,170 detachable warrants
|
| Amount: | $4 million
|
| Price: | $25,000.00
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| Warrants: | 47,170 warrants per unit
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| Warrant expiration: | Seven years
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| Warrant strike price: | $0.53
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| Investors: | Bernard Paulson (for $500,000), David Hartman (for $250,000) and Douglas Hartman (for $250,000)
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| Settlement date: | May 4 (for $1 million)
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| Stock symbol: | Nasdaq: TORM
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| Stock price: | $0.26 at close May 4
|
| Market capitalization: | $3.59 million
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|
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| Debentures
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| Maturity: | May 4, 2016
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| Coupon: | 6%
|
| Price: | Par of $25,000
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| Yield: | 6%
|
| Conversion price: | $0.53
|
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