Zero-coupon two-year secured convertibles sold in placement
By Devika Patel
Knoxville, Tenn., May 3 - Southern USA Resources Inc. settled a private placement of secured convertible promissory notes on April 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal raised $1.54 million with an original issue discount of 20% on principal of $1.92 million.
The 0% notes are due April 27, 2014, and will convert to common shares at $0.25 per share.
The West Atlantic City, N.J., company plans to search for mineral deposits or reserves.
| Issuer: | Southern USA Resources Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $1.92 million
|
| Maturity: | April 27, 2014
|
| Price: | 20% discount ($1,536,000)
|
| Coupon: | 0%
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: AGPHD
|
| Stock price: | $101.00 at close April 26
|
| Market capitalization: | $4.34 million
|
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