By Sheri Kasprzak
Atlanta, April 5 - Touchstone Resources USA, Inc. said it has raised $2,724,997 in a private placement of series A convertible preferred stock.
The company sold a total of 247,727 units at $11 each.
The units include one preferred share and one common-stock warrant. The warrants are exercisable for five common shares at $1.50 each for three years.
Each preferred is convertible into 10 common shares at $1.10 each. The preferreds also pay annual dividends at 8%.
The company completed an initial closing on March 30 for $2,245,100. The remainder of the proceeds will be raised on a best-efforts basis. As of April 5, the company had raised $2,724,997.
Based in Bala Cynwyd, Pa., Touchstone is an oil and natural gas exploration company.
| Issuer: | Touchstone Resources USA, Inc.
|
| Issue: | Units of one series A convertible preferred share and one common-stock warrant
|
| Amount: | $2,724,997
|
| Units: | 247,727
|
| Price: | $11
|
| Conversion price: | $1.10
|
| Conversion ratio: | One preferred into 10 common shares
|
| Dividends: | 8%
|
| Warrants: | One warrant per unit for five common shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
|
| Settlement date: | April 5
|
| Stock price: | $1.19 at close April 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
