By Devika Patel
Knoxville, Tenn., April 20 - Jayhawk Energy, Inc. amended the terms of a $1.5 million private placement of 10% two-year convertible debentures on April 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company raised $300,000 at pricing on Dec. 9 and $600,000 on Dec. 30.
Under the amendment, Jayhawk and the investors agreed to combine the third and fourth tranches into one final $600,000 tranche and to waive certain conditions for closing this tranche.
The debentures are initially convertible into common stock at $0.30 per share.
The investors also will receive 100% warrant coverage. The warrants are exercisable at $0.45 until for 42 months.
Proceeds will be used as general working capital.
Jayhawk is an oil and gas company based in Broomfield, Colo.
| Issuer: | Jayhawk Energy, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 9, 2011
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.30
|
| Warrants: | 100% coverage
|
| Warrant expiration: | 42 months
|
| Warrant strike price: | $0.45
|
| Pricing date: | Dec. 9
|
| Amended: | April 19
|
| Settlement date: | Dec. 9 (for $300,000), Dec. 30 (for $600,000)
|
| Stock symbol: | OTCBB: JYHW
|
| Stock price: | $0.43 at close Dec. 9
|
| Market capitalization: | $34 million
|
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