10% convertibles due on Dec. 15, 2018, convertible at $1.00 per share
By Devika Patel
Knoxville, Tenn., Oct. 28 - Applied Minerals, Inc. sold $3.05 million of 10% pay-in-kind election convertible notes on Oct. 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes are due Dec. 15, 2018 and are convertible into shares at an initial conversion price of $1.00, which is a 33.33% premium to the Oct. 22 closing share price of $0.75.
Applied Minerals is a New York-based natural resources company.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | PIK election convertible notes
|
| Amount: | $3.05 million
|
| Maturity: | Dec. 15, 2018
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Settlement date: | Oct. 25
|
| Stock symbol: | OTCBB: AMNL
|
| Stock price: | $0.75 at close Oct. 25
|
| Market capitalization: | $51.93 million
|
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