By Devika Patel
Knoxville, Tenn., March 18 - Magnum D'Or Resources, Inc. completed a $15 million private placement of convertible promissory notes with Simco Group on March 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The eight-year note will yield $9.75 million at maturity. Interest accrues at 12.5% for the first four years and at 5% thereafter.
The note may be converted after four years at a price equal to the average market price calculated over a 20-trading day period preceding the date of the request. It may be extended past maturity with a 5% coupon.
Proceeds will be used as working capital.
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: | $15 million
|
| Maturity: | Eight years
|
| Coupon: | 12.5% in the first four year, 5% thereafter
|
| Price: | Par
|
| Yield: | $9.75 million
|
| Warrants: | No
|
| Investor: | Simco Group
|
| Settlement date: | March 16
|
| Stock symbol: | OTCBB: MDOR
|
| Stock price: | $0.37 at close March 16
|
| Market capitalization: | $19.2 million
|
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