Investor Eurasian Capital also receives warrants, exercisable at $1.25
By Devika Patel
Knoxville, Tenn., May 27 - Alamo Energy Corp. sold another $50,000 of 8% senior secured convertible promissory notes on May 24 to Eurasian Capital Partners Ltd. as part of a $2.4 million private placement, according to an 8-K filed Friday with the Securities and Exchange Commission. The company took in $334,905 on Nov. 18 and $115,095 on April 12.
The notes are convertible into common stock at $1.00 per share and are due on April 12, 2014. Previously issued convertibles had a conversion price of $0.50 per share.
The investor is also receiving warrants for up to 2.4 million shares, which are each exercisable at $1.25 for five years. The previously issued warrants had a $1.00 strike price.
Proceeds will be used for the development of current or future assets and for the development of other oil, gas or pipeline properties.
Alamo Energy is a private oil and gas company in Houston.
| Issuer: | Alamo Energy Corp.
|
| Issue: | Senior secured convertible promissory notes
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| Amount: | $2.4 million
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| Maturity: | April 12, 2014
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| Coupon: | 8%
|
| Price: | Par
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| Conversion prices: | $1.00, $0.50
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| Warrants: | For 2.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $1.25, $1.00
|
| Investor: | Eurasian Capital Partners Ltd.
|
| Settlement dates: | Nov. 18 (for $334,905), April 12 (for $115,095), May 24 (for $50,000)
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