By Sheri Kasprzak
New York, June 15 - Trend Mining Co. settled a $1,025,000 private placement of convertible promissory notes.
The 10% notes mature in three years and are convertible into common shares at $0.10 each.
The investors will also receive warrants for 10.25 million shares, exercisable at $0.17 each for five years.
The notes may be prepaid at 120% of face value plus interest.
Trend Mining is a mineral exploration and development company based in Littleton, Colo.
| Issuer: | Trend Mining Co.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1,025,000
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.10
|
| Call: | May be prepaid at 120% of face value plus interest
|
| Warrants: | For 10.25 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.17
|
| Settlement date: | June 13
|
| Stock symbol: | OTCBB: TRDM
|
| Stock price: | $0.16 at close June 13
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