12% one-year note sold by J.H. Darbie with warrants for 130,435 shares
By Devika Patel
Knoxville, Tenn., March 2 – Empire Global Corp. sold $600,000 of one-year 12% convertible notes as part of a $750,000 private placement on Feb. 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission. J.H. Darbie & Co. Inc. is the agent.
The notes are convertible into common stock at $0.85 per share and may be prepaid at prices ranging from 130 to 140.
The investor also received warrants for 130,435 shares. The three-year warrants are each exercisable at $1.15, a 26.37% premium to the Feb. 26 closing share price of $0.91. The conversion price is a 6.59% discount to that price.
The investor may buy $150,000 more of notes by March 29.
Based in Toronto, Empire Global develops world-class services and venues in the global online gambling industry.
| Issuer: | Empire Global Corp.
|
| Issue: | Convertible notes
|
| Amount: | $750,000
|
| Maturity: | One year
|
| Coupon: | 12%
|
| Call: | At prices ranging from 130 to 140
|
| Conversion price: | $0.85
|
| Warrants: | For 130,435 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.15
|
| Agent: | J.H. Darbie & Co. Inc.
|
| Settlement dates: | Feb. 29 (for $600,000), March 29 (for $150,000)
|
| Stock symbol: | OTCBB: EMGL
|
| Stock price: | $0.91 at close Feb. 26
|
| Market capitalization: | $21.6 million
|
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