By Laura Lutz
Des Moines, March 26 - Marmion Industries Corp. arranged a private placement of convertible promissory notes for up to $3 million.
The 12% five-year notes will be convertible at the lower of $0.075 and 75% of the lowest bid price for the company's common stock during the 20 trading days prior to conversion.
Marmion may redeem the notes for 125% of the outstanding principal amount of the notes plus interest.
The investors will also receive warrants for 100 million shares. Each warrant will be exercisable at $0.015 for five years.
Settlement is expected on April 16.
Based in Houston, Marmion specializes in explosion-proof heating, ventilation, cooling-pressurization and chemical-filtration solutions.
| Issuer: | Marmion Industries Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $3 million
|
| Maturity: | Five years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | Lower of $0.075 and 75% of the lowest bid price for the stock during the 20 trading days prior to conversion
|
| Warrants: | 100 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.015
|
| Pricing date: | March 22
|
| Settlement date: | April 16
|
| Stock symbol: | OTCBB: MMIO
|
| Stock price: | $0.011 at close March 26
|
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