By Sheri Kasprzak
New York, May 1 - Corgi International Ltd. has concluded a $5.65 million private placement of subordinated convertible notes with a group of institutional and individual investors.
The notes, due October 2008, are convertible into American depositary shares at $2.00 each.
The investors also received warrants for 875,000 shares, exercisable at $0.07 each.
The coupon of the notes could not be determined by press time.
The maturity of the notes will be accelerated if the company does not receive shareholder approval for the offering by July 31.
Hong Kong-based Corgi sells die-cast and plastic collectible gift items.
| Issuer: | Corgi International Ltd.
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| Issue: | Subordinated convertible notes
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| Amount: | $5.65 million
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| Maturity: | October 2008
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| Conversion price: | Into ADS at $2.00 each
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| Warrants: | For 875,000 shares
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| Warrant strike price: | $0.07
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| Settlement date: | May 1
|
| Stock symbol: | Nasdaq: CRGI
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| Stock price: | $2.54 at close April 28
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