By Sheri Kasprzak
New York, July 27 - Hydroflo, Inc. intends to raise up to $1 million in a private placement of senior convertible debentures.
The 10% debentures are due Aug. 1, 2009 and are convertible into common stock at the lower of $0.05 per share or a 20% discount to the volume weighted average price of the stock over 15 consecutive trading days before conversion.
The debentures are redeemable after February 2007 at 110% of face value plus interest.
The investors will receive warrants for up to 14 million shares, exercisable at $0.05 each for five years.
Located in Apex, N.C., Hydroflo develops technologies used to purify water.
| Issuer: | Hydroflo, Inc.
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| Issue: | Convertible debentures
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| Amount: | $1 million
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| Maturity: | Aug. 1, 2009
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | The lesser of $0.05 or 20% of the VWAP for the 15 consecutive trading days before conversion
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| Warrants: | For up to 14 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.05
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| Pricing date: | July 25
|
| Stock symbol: | Pink Sheets: HYRF
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| Stock price: | $0.06 at close July 25
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