By Sheri Kasprzak
New York, Aug. 3 - Hartville Group, Inc. restructured $5,063,291 in convertible debentures after the company redeemed existing debentures due November 2006.
The restructured 7% debentures were issued to Midsummer Investments, Ltd. The debentures are due July 2009 and are convertible into common shares at $0.10 each.
The investors received warrants for 50,632,912 shares, exercisable for four years at $0.10 each.
The debentures were issued to retire $12 million in convertible debt.
Also, the company issued 35,169,377 shares to redeem convertible debentures due in November 2006 and paid $1,373,303 to retire the rest of the debt.
Hartville, based in Canton, Ohio, is a holding company that operates pet insurance subsidiaries.
| Issuer: | Hartville Group, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $5,063,291
|
| Maturity: | July 2009
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $0.10
|
| Warrants: | For 50,632,912 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.10
|
| Investor: | Midsummer Investments, Ltd.
|
| Settlement date: | Aug. 1
|
| Stock symbol: | OTCBB: HTVL
|
| Stock price: | $0.09 at close Aug. 1
|
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