Radial Energy redeems $3.5 million in convertible debentures

By Sheri Kasprzak

New York, May 22 - Radial Energy, Inc. redeemed all of its outstanding $3.5 million in convertible debentures issued to Cornell Capital Partners, LP in an October 2006 private placement.

The company redeemed the debentures at an 18% premium plus interest.

The debentures were issued in principal of $5 million on Oct. 5, 2006. The 7% debentures had a three-year term and a conversion price equal to the lesser of $1.0536 or 90% of the lowest volume weighted average price for the 15 trading days before conversion.

Houston-based Radial is an oil and natural gas exploration company.

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