Convertible note due in one year sold to investor Kyros Investments
By Devika Patel
Knoxville, Tenn., June 22 – Paragon Shipping Inc. completed a $500,000 private placement of convertible notes with Kyros Investments Ltd. on June 21, according to a 6-K filed Wednesday with the Securities and Exchange Commission. The deal priced on June 17.
The 8% notes are due on June 17, 2017 and will convert to common shares at 65% of the lowest volume weighted average price of the stock during the 21 trading days preceding conversion.
Paragon is an Athens-based provider of shipping transportation services, specializing in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials.
| Issuer: | Paragon Shipping Inc.
|
| Issue: | Convertible notes
|
| Amount: | $500,000
|
| Maturity: | June 17, 2017
|
| Coupon: | 8%
|
| Conversion price: | 65% of the lowest volume weighted average price of the stock during the 21 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | Kyros Investments Ltd.
|
| Pricing date: | June 17
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: PRGNF
|
| Stock price: | $0.48 at close June 16
|
| Market capitalization: | $1.84 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
