Deal sells convertible preferred stock at $0.01 per series D preferred
By Devika Patel
Knoxville, Tenn., Nov. 14 - Silver Horn Mining Ltd. settled a $50,000 offering of series D convertible preferred stock on Nov. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 1 million preferreds at $0.05 apiece.
Each preferred is convertible into five common shares for a conversion price equal to $0.01, which is an 83.33% discount to the Nov. 7 closing price of $0.06.
Based in Apache Junction, Ariz., Silver Horn Mining makes products and services which reduce fuel costs, save power and energy and protect the environment.
| Issuer: | Silver Horn Mining Ltd.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $50,000
|
| Shares: | 1 million
|
| Price: | $0.05
|
| Conversion ratio: | Into five common shares
|
| Conversion price: | $0.01
|
| Warrants: | No
|
| Settlement date: | Nov. 8
|
| Stock symbol: | OTCBB: SILV
|
| Stock price: | $0.06 at close Nov. 7
|
| Market capitalization: | $15.18 million
|
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