By Sheri Kasprzak
New York, April 2 - Neutron Enterprises, Inc. closed a private placement of convertible notes and stock for $6.9 million.
The company sold a $2.1 million secured convertible note and sold $4.8 million in units.
Neutron issued 2.4 million units at $2.00 each. The units include one share and one half-share warrant. Each whole warrant is exercisable at $2.50 for two years.
The 8% note purchased by Caledonia Management Group Ltd. is due in 18 months and is convertible into 840,000 shares at $2.50 each.
Proceeds will be used for the accelerated development of the company's fantasy stock market competition.
Montreal-based Neutron operates a prize-based fantasy stock market portal.
Units
Issuer: | Neutron Enterprises, Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | $4.8 million
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Units: | 2.4 million
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Price: | $2.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $2.50
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Settlement date: | April 2
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Stock symbol: | OTCBB: NTRN
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Stock price: | $1.85 at close April 2
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Convertible note
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Issuer: | Neutron Enterprises, Inc.
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Issue: | Secured convertible note
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Amount: | $2.1 million
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Maturity: | 18 months
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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 shares
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Warrants: | No
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Investor: | Caledonia Management Group Ltd.
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Settlement date: | March 30
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Stock symbol: | OTCBB: NTRN
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Stock price: | $1.85 at close March 30
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