By Sheri Kasprzak
New York, Sept. 22 - Sky Petroleum, Inc. said it has completed a private placement of series A convertible preferred stock for $11 million.
The company sold 3,055,556 shares of the preferreds at $3.60 each.
Each preferred is initially convertible into four common shares at the holders' option.
Sky may force conversion of the preferreds if its stock exceeds $3.00 during any five consecutive trading days.
Based in Austin, Texas, Sky is an oil and natural gas exploration company.
| Issuer: | Sky Petroleum, Inc.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $11 million
|
| Shares: | 3,055,556
|
| Price: | $3.60
|
| Conversion ratio: | Into four common shares for each preferred
|
| Warrants: | No
|
| Settlement date: | Sept. 22
|
| Stock price: | $1.285 at close Sept. 21
|
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