Company sells 10% 18-month senior secured convertible promissory notes
By Devika Patel
Knoxville, Tenn., Aug. 26 - Leviathan Minerals Group Inc. sold $5.02 million of 18-month 10% senior secured convertible promissory notes, according to an 8-K filed with the Securities and Exchange Commission. The private placement concluded on Aug. 22.
The notes will be initially convertible into common shares at $4.25 per share. They are due Feb. 22, 2013.
In addition, investors received warrants, which are each exercisable at $4.25 for two years.
The private tin exploration, mining, processing, smelting and marketing company has main operations off the coast of Bangka Island, Indonesia.
| Issuer: | Leviathan Minerals Group Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $5.02 million
|
| Maturity: | Feb. 22, 2013
|
| Coupon: | 10%
|
| Conversion price: | $4.25
|
| Warrants: | Yes
|
| Warrant strike price: | $4.25
|
| Warrant expiration: | Two years
|
| Settlement date: | Aug. 21
|
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