By Sheri Kasprzak
New York, March 29 - Neutron Enterprises, Inc. settled a $2.1 million private placement of convertible notes.
Caledonia Management Group Ltd. bought the 8% notes, which are convertible into 840,000 shares at $2.50 each.
The notes are due 18 months after issuance. If Neutron completes a $7 million debt or equity financing before that time, Caledonia may insist on prepayment of the notes.
Montreal-based Neutron operates a prize-based fantasy stock market portal.
Issuer: | Neutron Enterprises, Inc.
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Issue: | Convertible notes
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Amount: | $2.1 million
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Maturity: | The earlier of 18 months and the completion of a $7 million equity or debt financing
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Conversion price: | $2.50
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Conversion ratio: | Into 840,000 common shares
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Warrants: | No
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Investor: | Caledonia Management Group Ltd.
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Settlement date: | March 23
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Stock symbol: | OTCBB: NTRN
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Stock price: | $1.82 at close March 23
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