By Sheri Kasprzak
New York, Jan. 18 - Green Mountain Capital, Inc. settled a $3.225 million private placement.
The company sold 12% convertible promissory notes due Sept. 30, 2008.
The notes are convertible into common shares at the lesser of $0.15 or 85% of the average closing stock price for the 10 trading days before maturity.
The investors received warrants for 3.225 million shares, exercisable at $0.18 each through Jan. 11, 2012.
The notes may be prepaid at any time without penalty.
Sandgrain Securities, Inc. was the placement agent.
Miami-based Green Mountain provides wholesale telecommunications services to resellers in the United Kingdom.
| Issuer: | Green Mountain Capital, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $3.225 million
|
| Maturity: | Sept. 30, 2008
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | The lesser of $0.15 or 85% of the average closing stock price for the 10 trading days before maturity
|
| Warrants: | For 3.225 million shares
|
| Warrant expiration: | Jan. 11, 2012
|
| Warrant strike price: | $0.18
|
| Placement agent: | Sandgrain Securities, Inc.
|
| Settlement date: | Jan. 17
|
| Stock symbol: | OTCBB: GMOC
|
| Stock price: | $0.25 at close Jan. 17
|
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