By Devika Patel
Knoxville, Tenn., May 29 - Kentucky USA Energy, Inc. said it sold a $2.5 million senior secured convertible note in a private placement.
The note has an 8% coupon and is convertible into common shares at $1.50 per share. The investor also received warrants for 2.5 million common shares, exercisable at $1.50.
Proceeds will be used for drilling and general working capital purposes.
Kentucky USA is an oil and natural gas resource company based in London, Ky.
| Issuer: | Kentucky USA Energy, Inc.
|
| Issue: | Senior secured convertible note
|
| Amount: | $2.5 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.50
|
| Warrants: | For 2.5 million shares
|
| Warrant strike price: | $1.50
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: KYUS
|
| Stock price: | $2.80 at close May 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
