By Laura Lutz
Des Moines, Oct. 10 - Six Diamond Resorts International, formerly known as Matador Acquisition Corp., raised $4.75 million from the first tranche of a $14 million private placement of units.
In total, the placement is expected to consist of up to 280 units at $50,001 apiece. Each unit consists of 28,572 shares of series 1 convertible preference stock.
The first tranche included about 95 units, for a total of 2,714,212 of the preference shares. Each share is convertible into one ordinary share. All of the series 1 preference shares will automatically convert on Dec. 31, 2010.
The deal was conducted through a placement agent.
Settlement of the first tranche was a condition of the company's just-completed acquisition of Six Diamond Resorts International, SA.
The Houston-based company had no significant operations before the acquisition. After the acquisition, the company will operate resort, vacation communities and retirement communities.
| Issuer: | Six Diamond Resorts International
|
| Issue: | Units of 28,572 series 1 convertible preference stock
|
| Amount: | $14,000,280
|
| Units: | 280
|
| Price: | $50,001
|
| Conversion ratio: | Each preference share into one ordinary share
|
| Warrants: | No
|
| Settlement date: | Oct. 3 (for $4.75 million)
|
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