By Sheri Kasprzak
New York, Sept. 19 - Lexington Resources, Inc. said it completed a $5.26 million private placement.
The company sold 8% promissory notes to a group of accredited investors. The notes mature in two years.
The investors also received warrants for 2.63 million shares, exercisable at $1.25 each for one year and warrants for 2.63 million shares, exercisable at $1.50 each for three years.
The proceeds will be used to increase drilling, land acquisition and operating expenses related to the company's natural gas projects.
Based in Las Vegas, Lexington is an oil and natural gas exploration company.
Issuer: | Lexington Resources, Inc.
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Issue: | Promissory notes
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Amount: | $5.26 million
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Maturity: | Two years
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Warrants: | For 5.26 million shares
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Warrant expiration: | One year for 2.63 million shares; three years for 2.63 million shares
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Warrant strike price: | $1.25 for 2.63 million shares; $1.50 for 2.63 million shares
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Settlement date: | Sept. 19
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Stock price: | $1.50 at close Sept. 16
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