By Devika Patel
Knoxville, Tenn., July 6 - Tri-Valley Corp. sold $1 million of its preferred stock in a private placement on July 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company issued 100,000 series A convertible preferred shares at $10.00 per preferred to its vice chairman of the board, G. Thomas Gamble.
Each 8% preferred is convertible into one common share. They are callable at 120 after two years.
Gamble also received warrants for 200,000 shares, which are each exercisable at $2.00.
Located in Bakersfield, Calif., Tri-Valley is an oil and natural gas exploration company.
| Issuer: | Tri-Valley Corp.
|
| Issue: | Series A convertible preferred shares
|
| Amount: | $1 million
|
| Shares: | 100,000
|
| Dividends: | 8%
|
| Price: | $10.00
|
| Conversion ratio: | One preferred is convertible into one common share
|
| Call: | At 120 after two years
|
| Warrants: | For 200,000 shares
|
| Warrant strike price: | $2.00
|
| Investor: | G. Thomas Gamble
|
| Settlement date: | July 2
|
| Stock symbol: | Amex: TIV
|
| Stock price: | $1.02 at close July 2
|
| Market capitalization: | $27.2 million
|
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