Convertible promissory notes due Oct. 1, 2016 sold to Silver Star Oil
By Devika Patel
Knoxville, Tenn., Oct. 1 – Lucas Energy, Inc. raised $200,000 in the first tranche of a $2.4 million private placement of 6% convertible promissory notes with Silver Star Oil Co. on Sept. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes mature on Oct. 1, 2016 and will convert to common shares at $1.50 per share. The conversion price is a 29.25% discount to the Sept. 25 closing share price of $2.12.
Houston-based Lucas is an oil and natural gas exploration and development company.
Issuer: | Lucas Energy, Inc.
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Issue: | Convertible promissory notes
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Amount: | $2.4 million
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Maturity: | Oct. 1, 2016
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Coupon: | 6%
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Conversion price: | $1.50
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Conversion premium: | 21.07%
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Warrants: | No
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Investor: | Silver Star Oil Co.
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Settlement date: | Sept. 28 (for $200,000)
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Stock symbol: | NYSE: LEI
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Stock price: | $2.12 at close Sept. 25
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Market capitalization: | $2.99 million
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