By Laura Lutz
Des Moines, Oct. 26 - Global Energy, Inc. raised $1.5 million from the second tranche of its planned $4 million private placement of secured convertible debentures.
This tranche brings the proceeds so far to $2 million.
YA Global Investments, LP is the investor.
The $1.5 million debenture matures on Oct. 31, 2010 and bears interest at 10% per year. It is convertible into common stock at $2.20 per share.
Monthly amortizing payments begin on July 31, 2008.
Global Energy also pushed back the maturity date of $500,000 principal amount of 5% secured convertible debentures issued in the first tranche. That debenture will now mature on Oct. 31, 2010, pushed back from July 6, 2010.
The first tranche, which settled on July 10, included warrants for 300,000 shares exercisable at $2.35 each for five years and 300,000 shares exercisable at $2.50 each for five years.
New York-based Global Energy develops alternative energy technologies.
| Issuer: | Global Energy, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $4 million
|
| Maturity: | Oct. 31, 2010
|
| Coupon: | 5% for $500,000; 10% for $1.5 million
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $2.20
|
| Warrants: | For 600,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.35 for 300,000 shares; $2.50 for 300,000 shares
|
| Investor: | YA Global Investments, LP
|
| Settlement date: | July 10 (for $500,000); Oct. 21 (for $1.5 million)
|
| Stock symbol: | OTCBB: GEYI
|
| Stock price: | $2.05 at close July 10
|
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