Offering with TCA Global Credit Master Fund raises $800,000 at pricing
By Devika Patel
Knoxville, Tenn., Dec. 16 – Integrated Energy Solutions Inc. arranged a $3 million convertible credit agreement with TCA Global Credit Master Fund, LP on Dec. 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company has already drawn down $800,000.
The 11% credit agreement will be due on June 10, 2015 and converts to common stock at a conversion price equal to 85% of the lowest daily volume weighted average price of the stock during the five trading days preceding the conversion date.
TCA also received an advisory fee in the form of three promissory notes each with a principal of $41,666.67.
Proceeds will be used for working capital and general operating expenses.
The gold and silver explorer is based in Locust Valley, N.Y.
| Issuer: | Integrated Energy Solutions Inc.
|
| Issue: | Convertible credit agreement
|
| Amount: | $3 million
|
| Maturity: | June 10, 2015
|
| Coupon: | 11%
|
| Conversion price: | 85% of the lowest daily volume weighted average price of the stock during the five trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | TCA Global Credit Master Fund, LP
|
| Fees: | $125,000 (in the form of promissory notes)
|
| Settlement date: | Dec. 10 (for $800,000)
|
| Stock symbol: | OTCBB: IENG
|
| Market capitalization: | $122,340
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