By Sheri Kasprzak
New York, July 25 - Dragon International Group Corp. said it has completed a private placement of convertible debentures for $1.9 million.
The 8% debentures mature in July 2007 and are convertible into common shares at prices ranging between $0.20 and $0.55 each, depending upon certain circumstances.
The proceeds will be used to assist with the company's acquisition strategy.
Skyebanc, Inc. was the placement agent.
Based in Fort Lauderdale, Fla., Dragon International makes specialty paper and packaging products.
| Issuer: | Dragon International Group Corp.
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| Issue: | Convertible debentures
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| Amount: | $1.9 million
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| Maturity: | July 2007
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $0.20 to $0.55
|
| Placement agent: | Skyebanc, Inc.
|
| Settlement date: | July 25
|
| Stock price: | $0.26 at close July 25
|
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