Offering with three investors consists of two-year interest-free bond
By Devika Patel
Knoxville, Tenn., Jan. 19 - HQ Global Education Inc. said it has issued an exchangeable bond to Nicestar International Ltd., Seavi Equity V(B) Ltd. and SAP Investments Ltd. The interest-free instrument will be for $10.8 million.
The two-year bond is exchangeable into 2 million shares at $3.50 per share and 1 million shares at $3.80 per share. The exchange prices are 15.13% and 25% premiums to the Jan. 18 closing share price of $3.04.
Proceeds will be used to enhance new business development and for the construction of a teaching facility.
Based in Changsha, China, HQ Global Education, formerly Green Star Mining Corp., provides vocational education and vocational training services in the People's Republic of China.
| Issuer: | HQ Global Education Inc.
|
| Issue: | Exchangeable bond
|
| Amount: | $10.8 million
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion prices: | $3.50 (for 2 million shares), $3.80 (for 1 million shares)
|
| Conversion ratio: | Into 3 million shares
|
| Warrants: | No
|
| Investors: | Nicestar International Ltd., Seavi Equity V(B) Ltd. and SAP Investments Ltd.
|
| Pricing date: | Jan. 19
|
| Stock symbol: | OTCBB: HQGE
|
| Stock price: | $3.04 at close Jan. 18
|
| Market capitalization: | $100.32 million
|
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