Published on 12/23/2009 in the Prospect News PIPE Daily.
New Issue: Miller Petroleum completes $2.89 million 6% convertible note placement
By Devika Patel
Knoxville, Tenn., Dec. 23 - Miller Petroleum Inc. settled a $2.89 million 6% convertible secured promissory note on Dec. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is due Dec. 4, 2016. It is convertible into common stock at $0.55 per share.
Miller, based in Huntsville, Tenn., is an oil and natural gas explorer.
Issuer: | Miller Petroleum Inc.
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Issue: | Convertible secured promissory note
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Amount: | $2,885,000
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Maturity: | Dec. 4, 2016
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | $0.55
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Warrants: | No
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Settlement date: | Dec. 10
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Stock symbol: | OTCBB: MILL
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Stock price: | $0.61 at close Dec. 10
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Market capitalization: | $27.5 million
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