Deal sells 4% series C preferreds with warrants for 2,166,527 shares
By Devika Patel
Knoxville, Tenn., July 2 – Dynaresource Inc. settled a $4 million private placement of 4% series C senior convertible preferred stock with Golden Post Rail, LLC on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1.6 million preferreds at $2.50 per preferred. The preferreds convert to common stock at $2.50 per share.
Golden Post also received warrants for 2,166,527 shares, with each warrant exercisable at $2.50.
The strike price and conversion price are a 66.67% premium to the June 29 closing price of $1.50.
The minerals investment, management and exploration company is based in Irving, Texas.
| Issuer: | Dynaresource Inc.
|
| Issue: | Series C senior convertible preferred stock
|
| Amount: | $4 million
|
| Preferreds: | 1.6 million
|
| Price: | $2.50
|
| Dividends: | 4%
|
| Conversion premium: | 66.67%
|
| Conversion price: | $2.50
|
| Warrants: | For 2,166,527 shares
|
| Warrant strike price: | $2.50
|
| Investor: | Golden Post Rail, LLC
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: DYNR
|
| Stock price: | $1.50 at close June 29
|
| Market capitalization: | $22.94 million
|
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