Company sells 12% convertible promissory notes due June 2014
By Devika Patel
Knoxville, Tenn., Dec. 11 - Oro East Mining, Inc. settled a $360,000 private placement of 12% convertible promissory notes with one investor on Dec. 6, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on Dec. 5.
The six-month notes are convertible into common shares at $3.00 per share. The conversion price is a 21.05% discount to the Dec. 10 closing share price of $3.80.
The Oakland, Calif., company mines and produces gold, silver, copper, iron ore and other industrial minerals.
| Issuer: | Oro East Mining, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $360,000
|
| Maturity: | June 5, 2014
|
| Coupon: | 12%
|
| Conversion price: | $3.00
|
| Warrants: | No
|
| Announcement date: | Dec. 11
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 6
|
| Stock symbol: | OTCBB: OROE
|
| Stock price: | $3.80 at close Dec. 10
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