By Sheri Kasprzak
New York, March 5 - Skystar Bio-Pharmaceutical Co. closed a $4.075 million private placement of convertible debentures.
Institutional and accredited investors bought the 8% debentures due Feb. 28, 2009.
The debentures are convertible into common shares at $1.00 each.
The investors also received warrants for 4.075 million shares, exercisable at $1.20 each through Feb. 28, 2012.
The debentures may be prepaid at 150% of the principal outstanding plus interest during the first year and at 120% of the outstanding principal plus interest thereafter.
Pacific Ridge Capital, LLC was the placement agent.
New York-based Skystar develops vaccines, herb-based remedies and microorganisms for livestock in China.
| Issuer: | Skystar Bio-Pharmaceutical Co.
|
| Issue: | Convertible debentures
|
| Amount: | $4.075 million
|
| Maturity: | Feb. 28, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.00
|
| Warrants: | For 4.075 million shares
|
| Warrant expiration: | Feb. 28, 2012
|
| Warrant strike price: | $1.20
|
| Placement agent: | Pacific Ridge Capital, LLC
|
| Settlement date: | Feb. 27
|
| Stock symbol: | OTCBB: SKBI
|
| Stock price: | $1.68 at close Feb. 27
|
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