By Devika Patel
Knoxville, Tenn., May 27 - Knight Energy Corp. completed a $1.5 million private placement of 15% senior secured promissory notes, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company issued $1 million of the notes to HD Special-Situations, LP on May 20. It will issue the remaining $500,000 in notes in a subsequent closing that will settle by June 30.
The sold notes mature on May 20, 2010. The notes are secured by the company's subsidiary, Charles Hill Drilling, Inc.
Based in Coppell, Texas, Knight Energy acquires, develops, owns, operates and invests in energy-related businesses, assets and investments.
Issuer: | Knight Energy Corp.
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Issue: | Senior secured promissory notes
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Amount: | $1.5 million
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Maturity: | May 20, 2010
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Coupon: | 15%
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Price: | Par
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Yield: | 15%
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Warrants: | No
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Investors: | HD Special-Situations, LP
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Settlement date: | May 20 (for $1 million), June 30 (for $500,000)
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Stock symbol: | OTCBB: KNEC
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Stock price: | $0.76 at close May 20
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