By Sheri Kasprzak
New York, June 1 - Global Energy, Inc. completed a $2 million private placement of convertible debentures with Cornell Capital Partners, LP.
The 10% debentures are due in three years and are convertible into common shares at $2.20 each.
Cornell also received warrants for 300,000 shares. Half of the warrants are exercisable at $2.35 each and the other half at $2.50 each.
Vancouver, B.C.-based Global Energy converts waste products into fuels.
| Issuer: | Global Energy, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $2.20
|
| Warrants: | For 300,000 shares
|
| Warrant strike price: | $2.35 for half of warrants; $2.50 for other half
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | May 24
|
| Stock symbol: | OTCBB: GEYI
|
| Stock price: | $2.05 at close May 24
|
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