Convertible note, sold to Asher Enterprises, matures on March 4, 2013
By Devika Patel
Knoxville, Tenn., June 19 - Surge Global Energy, Inc. sold a $60,000 8% convertible note to Asher Enterprises, Inc. on June 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures March 4, 2013. It may be prepaid. The note converts to common stock at a conversion price equal to a 40% discount to the average of the three lowest closing bid prices of the stock during the 10-trading-day period preceding the conversion date.
Palm Desert, Calif.-based Surge is an oil and natural gas exploration and development company.
| Issuer: | Surge Global Energy, Inc.
|
| Issue: | Convertible note
|
| Amount: | $60,000
|
| Maturity: | March 4, 2013
|
| Coupon: | 8%
|
| Conversion price: | 40% discount to the average of the three lowest closing bid prices of common shares during the 10-trading-day period prior to conversion date
|
| Call: | Yes
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | June 5
|
| Stock symbol: | OTCBB: SRGG
|
| Stock price: | $0.04 at close June 4
|
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