Senior secured convertible redeemable debentures mature in one year
By Devika Patel
Knoxville, Tenn., July 6 – Star Mountain Resources, Inc. arranged a $5 million private placement of senior secured convertible redeemable debentures with TCA Global Credit Master Fund, LP on June 28, according to an 8-K filing with the Securities and Exchange Commission. The deal raised $3 million at pricing.
The 18% debentures mature in one year and convert to common shares at 85% of the lowest volume weighted average price of the stock during the five trading days preceding the conversion. The notes may be redeemed.
The precious metals mining company is based in Tempe, Ariz.
| Issuer: | Star Mountain Resources, Inc.
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| Issue: | Senior secured convertible redeemable debentures
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| Amount: | $5 million
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| Maturity: | One year
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| Coupon: | 18%
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| Conversion price: | 85% of the lowest volume weighted average price of the stock during the five trading days preceding the conversion
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| Call: | Yes
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| Warrants: | No
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| Investor: | TCA Global Credit Master Fund, LP
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| Pricing date: | June 28
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| Settlement date: | June 28 (for $3 million)
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| Stock symbol: | OTCBB: SMRS
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| Stock price: | $0.50 at close June 27
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| Market capitalization: | $19.15 million
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