By Devika Patel
Knoxville, Tenn., Sept. 29 - Magnum D'Or Resources, Inc. said it will complete a $1 million private placement of promissory notes on Sept. 30.
The notes bear interest at 12%.
The investors also received warrants for 1 million common shares. The warrants are exercisable at $1.00 for two years.
Proceeds will be used exclusively for the shipment, installation and startup activities associated with the initial phase of Magnum's Crumb Rubber and Powder Recycling Plant and ancillary equipment delivered to the Magnum Magog facility.
Based in Fort Lauderdale, Fla., Magnum is a recycling development stage company that holds exclusive license agreements for the United States, Canada and China.
| Issuer: | Magnum D'Or Resources, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1 million
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
|
| Announcement date: | Sept. 29
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: MDOR
|
| Stock price: | $0.57 at close Sept. 26
|
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