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Published on 3/15/2006 in the Prospect News PIPE Daily.

New Issue: Infinity Energy Resources pockets additional $8 million from private placement of notes

By Sheri Kasprzak

New York, March 15 - Infinity Energy Resources, Inc. said it will raise another $8 million from its previously announced private placement of senior secured notes, bringing the total proceeds raised from the deal so far to $43.5 million.

The notes mature in four years and bear interest at Libor plus 675 basis points.

The notes are redeemable for cash any time in the first year at 105% of face value, declining by 1% every year, plus interest.

The investors will receive five-year warrants with the notes, but the terms of the warrants could not be determined by press time Wednesday.

The deal is scheduled to close March 17.

On Jan. 13, 2005, the company issued $30 million of the notes and on Dec. 12, it issued another $5.5 million.

Based in Chanute, Kan., Infinity is an oil and natural gas exploration company.

Issuer:Infinity Energy Resources, Inc.
Issue:Senior secured notes
Amount:$8 million
Maturity:Four years
Coupon:Libor plus 675 basis points.
Call:Redeemable at 105% of face value plus interest in the first year, declining by 1% in every subsequent year
Warrants:Yes
Warrant expiration:Five years
Announcement date:March 15
Settlement date:March 17
Stock symbol:Nasdaq: IFNY
Stock price:$7.28 at close March 15

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