By Sheri Kasprzak
New York, Feb. 5 - Petrosearch Energy Corp. will wrap a private placement of senior secured convertible promissory notes for $10 million later this week.
A single institutional investor agreed to buy the 8% notes, which are due in three years and are convertible at $1.00 each. The notes become convertible the earlier of one year after closing or three months after the registration statement becomes effective.
The investor will also receive warrants for 5 million shares, exercisable at $1.40 each for four years.
The offering is slated to close Feb. 9.
Houston-based Petrosearch is an oil and natural gas exploration company with activities in the Barnett Shale trend, the Wilcox trend in south Texas and the Anadarko basin in the north Texas panhandle.
| Issuer: | Petrosearch Energy Corp.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $10 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.00
|
| Warrants: | For 5 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.40
|
| Announcement date: | Feb. 5
|
| Settlement date: | Feb. 9
|
| Stock symbol: | OTCBB: PTSG
|
| Stock price: | $1.12 at close Feb. 5
|
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