Deal sells 10% notes due June 30, 2015, warrants for 2 million shares
By Devika Patel
Knoxville, Tenn., Aug. 27 – Texas South Energy, Inc. completed a $1 million private placement of promissory notes on Aug. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% note matures on June 30, 2015.
The investors also received warrants for 2 million shares. The warrants are each exercisable at $0.25 until June 12, 2014. The strike price is a 28.57% discount to the Aug. 25 closing share price of $0.35.
In connection with the sale, convertible note holders converted $6,993,000 of their principal, plus $27,437 of interest, into 35,102,181 shares.
The energy company is based in Houston.
| Issuer: | Texas South Energy, Inc.
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| Issue: | Promissory note
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| Amount: | $1 million
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| Maturity: | June 30, 2015
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| Coupon: | 10%
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| Warrants: | For 2 million shares
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| Warrant expiration: | June 12, 2014
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| Warrant strike price: | $0.25
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| Settlement date: | Aug. 26
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| Stock symbol: | OTCBB: TXSO
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| Stock price: | $0.35 at close Aug. 25
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| Market capitalization: | $114.15 million
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