Company sells $1.21 million original issue discount notes, warrants
By Devika Patel
Knoxville, Tenn., Nov. 9 - Ensurge, Inc. sold $1.21 million of original issue discount convertible notes for $1.1 million in a private placement on Oct. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The one-year note is convertible into common shares at $1.50 per share. The conversion price is a 61.44% discount to the Oct. 27 closing share price of $3.89.
The investors also received warrants for 1.9 million shares, which are each exercisable at $1.00, a 74.29% discount to the Oct. 27 closing share price.
Proceeds were used to repay a $561,000 note, which was due on Nov. 15, 2011. The note was paid in full on Oct. 31.
Miami-based Ensurge focuses on bringing technology and capital to existing gold mining operations in Brazil and Guyana to improve recoveries.
| Issuer: | Ensurge, Inc.
|
| Issue: | Original issue discount convertible note
|
| Amount: | $1.21 million
|
| Maturity: | Nov. 15, 2012
|
| Price: | $1.1 million
|
| Conversion price: | $1.50
|
| Warrants: | For 1.9 million shares
|
| Warrant strike price: | $1.00
|
| Settlement date: | Oct. 28
|
| Stock symbol: | OTCBB: ESGI
|
| Stock price: | $1.26 at close Oct. 28
|
| Market capitalization: | $80.75 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
