By Sheri Kasprzak
New York, July 5 - Solar Night Industries, Inc. concluded a $1 million private placement of secured convertible notes with accredited and institutional investors.
The 6% notes are due in three years. The conversion price of the notes could not be determined by press time Wednesday.
So far, the company has pocketed $500,000 from the deal. Two additional closings, for $200,000 and $300,000, respectively, will close once certain conditions have been satisfied.
St. Louis-based Solar Night develops solar-powered products.
| Issuer: | Solar Night Industries, Inc.
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| Issue: | Secured convertible notes
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| Amount: | $1 million
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| Maturity: | Three years
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Warrants: | No
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| Settlement date: | July 5
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| Stock symbol: | Pink Sheets: SLND
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| Stock price: | $0.325 at close July 5
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