Company sells 10% notes, which convert into 7.5 million common shares
By Devika Patel
Knoxville, Tenn., Aug. 5 - Applied Minerals, Inc. said it has secured commitments for a $10.5 million private placement of 10% mandatorily convertible PIK notes.
The notes are convertible into 7.5 million common shares at $1.40 per share, a 40% premium to the Aug. 2 closing share price of $1.00.
New York-based Applied Minerals is an exploration company focusing on halloysite, kaolinite, alunite and other minerals.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | Mandatorily convertible PIK notes
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| Amount: | $10.5 million
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| Coupon: | 10%
|
| Conversion price: | $1.40
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| Conversion ratio: | Into 7.5 million shares
|
| Warrants: | No
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| Pricing date: | Aug. 5
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| Stock symbol: | OTCBB: AMNL
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| Stock price: | $1.00 at close Aug. 2
|
| Market capitalization: | $103.85 million
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