Company sells 12% convertible promissory note due Jan. 14, 2015
By Devika Patel
Knoxville, Tenn., July 18 – Oro East Mining, Inc. settled a $500,000 private placement of 12% convertible promissory notes with one investor on July 14, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on Jan. 14, 2015 and is convertible into common shares at $0.20 per share. The conversion price is a 42.86% discount to the July 11 closing share price of $0.35.
The Oakland, Calif., company mines and produces gold, silver, copper, iron ore and other industrial minerals.
| Issuer: | Oro East Mining, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | Jan. 14, 2015
|
| Coupon: | 12%
|
| Conversion price: | $0.20
|
| Warrants: | No
|
| Settlement date: | July 14
|
| Stock symbol: | OTCBB: OROE
|
| Stock price: | $0.35 at close July 11
|
| Market capitalization: | $2.77 billion
|
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