By Laura Lutz
Des Moines, July 17 - Osage Exploration and Development, Inc., formerly Osage Energy Corp., settled a private placement of a $1.1 million unsecured convertible promissory note.
The note matures on Sept. 30, 2008 and bears interest at 8%. It is convertible into units of one share and one warrant at $1.00 per unit.
Each warrant will be exercisable at $1.25 for three years.
At maturity, the company may repay the note in cash or units.
Viewpoint Securities, LLC was the agent.
Osage is an oil and gas exploration company based in La Jolla, Calif.
The company changed its name on July 9. The company's stock symbol on Pink Sheets was changed to OEDV from OSGE on July 17.
| Issuer: | Osage Exploration and Development, Inc.
|
| Issue: | Unsecured promissory note convertible into units of one share and one warrant
|
| Amount: | $1.1 million
|
| Maturity: | Sept. 30, 2008
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.00 per unit
|
| Warrants: | One per unit upon exchange
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.25
|
| Agent: | Viewpoint Securities, LLC
|
| Settlement date: | July 16
|
| Stock symbol: | Pink Sheets: OEDV
|
| Stock price: | $2.55 at close July 17
|
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