By Devika Patel
Knoxville, Tenn., May 16 - Manas Petroleum Corp. took in $4 million from a private placement of 8% convertible debentures on May 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The two-year debentures are convertible at a price equal to 90% of the weighted average share price of the company's common stock for the 20-trading-day period ending on the day before the conversion date.
Interest is payable semiannually in cash or shares, at the company's option.
The debentures may be prepaid at any time with 10 days' notice. Holders may elect to convert prior to prepayment. The company must redeem the debentures if it completes a financing of at least $20 million.
The debentures were sold in units, along with 250 warrants for every $1,000 in debentures. A total of 1 million warrants were issued, exercisable at $2.10 for two years.
Manas is a Baar, Switzerland-based oil exploration and development company.
| Issuer: | Manas Petroleum Corp.
|
| Issue: | Convertible debentures, warrants
|
| Amount: | $4 million
|
| Maturity: | Two years
|
| Coupon: | 8%, payable semiannually in cash or shares
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | 90% of the weighted average share price of the company's common stock for the 20 trading day period ending on the day before the conversion date
|
| Warrants: | 1 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.10
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: MNAP
|
| Stock price: | $1.37 at close May 15
|
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