Company sells 10% notes with warrants for 105,427 shares to Typenex
By Devika Patel
Knoxville, Tenn., Oct. 7 – Inception Mining Inc. settled a private placement of $115,000 10% convertible promissory notes with Typenex Co-Investments, LLC on Oct. 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Sept. 24.
The note has an original issue discount of $10,000. The investor retained $5,000 of the principal amount as a fee.
The note is due in nine months and is convertible into common shares at $1.40 per share. The conversion price is a 47.37% premium to the Sept. 23 closing share price of $0.95. The convertible may be prepaid at 125.
Typenex also received warrants for 105,427 common shares. The warrants are each exercisable at $1.40 for five years. The strike price is also a 47.37% premium to the Sept. 23 closing share price.
The Murray, Utah, company explores for precious metals.
| Issuer: | Inception Mining Inc.
|
| Issue: | Convertible promissory note
|
| Principal amount: | $115,000
|
| Price: | $10,000 discount
|
| Maturity: | Nine months
|
| Coupon: | 10%
|
| Conversion price: | $0.40
|
| Call option: | At 125
|
| Warrants: | For 105,427 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.40
|
| Investor: | Typenex Co-Investments, LLC
|
| Fee: | $5,000
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 1
|
| Stock symbol: | OTCBB: IMII
|
| Stock price: | $0.95 at close Sept. 23
|
| Market capitalization: | $21.05 million
|
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