By Sheri Kasprzak
New York, Jan. 26 - HQ Sustainable Maritime Industries, Inc. said it has wrapped a $5,225,000 private placement of convertible promissory notes.
The 8% notes mature on Jan. 25, 2008 and are convertible into common shares at $0.30 each.
The investors also received one class A warrant and one class B warrant for every two shares issuable upon conversion.
The class A warrants are exercisable at $0.35 each through Jan. 25, 2009, and the class B warrants are exercisable at $0.40 each through Jan. 25, 2011.
Proceeds will be used for marketing its nontoxic products to retail outlets in the United States.
Based in Seattle, HQ Maritime Industries develops nutraceutical products made from nontoxic aquatic materials.
| Issuer: | HQ Sustainable Maritime Industries, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $5,225,000
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| Maturity: | Jan. 25, 2008
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| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | $0.30
|
| Warrants: | Series A and series B warrants for one share for every two shares issuable upon conversion
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| Warrant expiration: | Jan. 25, 2009 for series A, Jan. 25, 2011 for series B
|
| Warrant strike price: | $0.35 for series A, $0.40 for series B
|
| Settlement date: | Jan. 25
|
| Stock symbol: | OTCBB: HQSM
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| Stock price: | $0.35 at close Jan. 25
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