Two-year subordinated notes sold with warrants for 4.45 million shares
By Devika Patel
Knoxville, Tenn., Sept. 23 – Fuel Performance Solutions, Inc. said it raised $445,000 in a private placement of two-year 10% non-convertible subordinated notes.
The notes mature in six months and bear interest at 10% per year.
Investors also received warrants for 4.45 million common shares. The warrants are each exercisable at $0.12, a 300% premium to the Sept. 22 closing share price of $0.03.
The fuel technology company is based in St. Louis.
| Issuer: | Fuel Performance Solutions, Inc.
|
| Issue: | Non-convertible subordinated notes
|
| Amount: | $445,000
|
| Maturity: | Two years
|
| Coupon: | 7%
|
| Warrants: | For 4.45 million shares
|
| Warrant strike price: | $0.12
|
| Settlement date: | Sept. 23
|
| Stock symbol: | OTCBB: IFUE
|
| Stock price: | $0.03 at close Sept. 22
|
| Market capitalization: | $6.4 million
|
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