Tejas Securities orchestrates offering for 10% eight-year PIK notes
By Jennifer Chiou
New York, Oct. 21 - Applied Minerals, Inc. said it obtained commitments to privately place $3.05 million of 10% pay-in-kind mandatorily convertible notes due 2018 with an initial conversion price of $1.00.
Tejas Securities Group, Inc. is the agent.
The initial conversion price is a 44.98% premium to the closing share price of $0.69 apiece on Thursday.
"This financing further enhances the company's ability to realize its goal of commercializing the Dragon Mine halloysite property," president and chief executive officer Andre M. Zeitoun said in a news release.
Applied Minerals is a New York-based natural resources company.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | PIK mandatorily convertible notes
|
| Amount: | $3.05 million
|
| Maturity: | 2018
|
| Coupon: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Announcement date: | Oct. 21
|
| Stock symbol: | OTCBB: AMNL
|
| Stock price: | $0.69 at close Oct. 21
|
| Market capitalization: | $47.77 million
|
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