Company sells 8% convertible notes due July 21, 2015 to one investor
By Devika Patel
Knoxville, Tenn., Jan. 23 – Oro East Mining, Inc. settled a $720,000 private placement of 8% convertible notes with a foreign investor on Jan. 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on July 21, 2015 and is convertible into common shares at $0.09 per share. The conversion price is a 12.5% premium to the Jan. 20 closing share price of $0.08.
The Oakland, Calif., company mines and produces gold, silver, copper, iron ore and other industrial minerals.
| Issuer: | Oro East Mining, Inc.
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| Issue: | Convertible note
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| Amount: | $720,000
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| Maturity: | July 21, 2015
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| Coupon: | 8%
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| Conversion price: | $0.09
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| Warrants: | No
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| Settlement date: | Jan. 21
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| Stock symbol: | OTCBB: OROE
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| Stock price: | $0.08 at close Jan. 20
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| Market capitalization: | $50.51 million
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