Norstra Energy settles $180,000 private placement of 10% convertibles

Secured promissory note due 2015 sold to Jackson Bennett in offering

By Devika Patel

Knoxville, Tenn., May 7 - Norstra Energy, Inc. sold a $180,000 convertible secured promissory note to Jackson Bennett, LLC on April 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The 10% note matures in 2015 and is convertible into common shares at $0.50 per share, a 16.67% discount to the April 24 closing share price of $0.60.

The oil and gas explorer is based in Laredo, Texas.

Issuer:	Norstra Energy, Inc.
Issue:	Convertible secured promissory note
Amount:	$180,000
Maturity:	April 25, 2015
Coupon:	10%
Conversion price:	$0.50
Warrants:	No
Investor:	Jackson Bennett, LLC
Settlement date:	April 25
Stock symbol:	OTCBB: NORX
Stock price:	$0.60 at close April 24
Market capitalization:	$54.58 million

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