Company sells 10% one-year notes to Mezzanine Financing Investment III
By Devika Patel
Knoxville, Tenn., March 15 - Nautilus Marine Acquisition Corp. sold $10 million of convertible promissory notes to Mezzanine Financing Investment III Ltd. on March 12, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced March 11.
The 10% note is due on March 8, 2014, and is convertible into common shares at $3.21 per share. The conversion price is a 64.33% discount to the March 8 closing share price of $9.00. The note may be prepaid. Interest is due at maturity.
Nautilus is a blank check company based in Athens, Greece.
| Issuer: | Nautilus Marine Acquisition Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $10 million
|
| Maturity: | March 8, 2014
|
| Coupon: | 10%
|
| Conversion price: | $3.21
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Mezzanine Financing Investment III Ltd.
|
| Pricing date: | March 11
|
| Settlement date: | March 12
|
| Stock symbol: | Nasdaq: NMAR
|
| Stock price: | $9.00 at close March 8
|
| Market capitalization: | $44.04 million
|
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