Published on 5/2/2007 in the Prospect News PIPE Daily.
New Issue: Nascent Wine closes $3.5 million placement of convertible notes
By Sheri Kasprzak
New York, May 2 - Nascent Wine Co. concluded a $3.5 million private placement of senior secured convertible promissory notes with CSSF Master Fund, LP and Cordillera Fund, LP.
The 18% notes are due June 11, 2007 and are convertible into common shares at $0.40 each.
The investors also received warrants for 875,000 shares, exercisable at $0.40 each through April 27, 2012.
Based in San Diego, Nascent distributes food and beverages in Mexico.
| Issuer: | Nascent Wine Co.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $3.5 million
|
| Maturity: | June 11, 2007
|
| Coupon: | 18%
|
| Price: | Par
|
| Yield: | 18%
|
| Conversion price: | $0.40
|
| Warrants: | For 875,000 shares
|
| Warrant expiration: | April 27, 2012
|
| Warrant strike price: | $0.40
|
| Investors: | CSSF Master Fund, LP; Cordillera Fund, LP
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: NCTW
|
| Stock price: | $1.27 at close April 27
|
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