By Sheri Kasprzak
New York, March 28 - Sunrise Energy Resources, Inc. completed a private placement of a promissory note with Dutchess Private Equities Fund, Ltd. for $2,553,125.
The 7% note is due Dec. 26, 2007.
If Sunrise defaults on the note, Dutchess has the right to either switch the residual amount to a three-year, 18% convertible debenture at a 25% discount to the market during conversion or increase the payment amount to fulfill the repayment of the residual amount.
The note may be repaid at 97.5% of the principal plus interest within six months of issuance.
Sunrise, based in New York, is an oil and natural gas exploration, production and distribution company.
| Issuer: | Sunrise Energy Resources, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $2,553,125
|
| Maturity: | Dec. 26, 2007
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Call: | May be prepaid at 97.5% of principal plus interest within six months
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Settlement date: | March 26
|
| Stock symbol: | OTCBB: SEYR
|
| Stock price: | $2.60 at close March 26
|
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