Published on 4/19/2010 in the Prospect News PIPE Daily.
New Issue: Nova Energy completes $1.23 million placement of 6% convertible notes
By Devika Patel
Knoxville, Tenn., April 19 - Nova Energy, Inc. settled a private placement of secured convertible notes with Tonaquint, Inc. for $1.23 million on April 5, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 6% note is due April 4, 2012. It is convertible into common stock at 70% of the average volume-weighted average price for the three trading days with the lowest volume-weighted average price during the 20 trading days immediately preceding the date of the conversion notice.
Tonaquint also received warrants for 200,000 common shares, which are exercisable at $1.00 until April 4, 2012.
The oil and gas explorer is based in Carson City, Nev.
Issuer: | Nova Energy, Inc.
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Issue: | Secured convertible notes
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Amount: | $1,226,500
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Maturity: | April 4, 2012
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Warrants: | For 200,000 shares
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Warrant expiration: | April 4, 2012
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Warrant strike price: | $1.00
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Investor: | Tonaquint, Inc.
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Settlement date: | April 5
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Stock symbol: | OTCBB: NVAE
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Stock price: | $0.27 at close April 5
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