G. Thomas Gamble buys note and five-year warrants for 1,365,000 shares
By Devika Patel
Knoxville, Tenn., April 9 - Tri-Valley Corp. completed a $1.5 million private placement of senior secured notes with G. Thomas Gamble on April 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 14% note is due on April 30, 2013.
The investor also received five-year warrants for 1,365,000 shares. Each warrant is exercisable at an exercise price equal to the closing price of the stock on the last trading day prior to settlement.
Proceeds will be used to settle the company's pending litigation in Hansen et al. v. Tri-Valley Corp. Under the settlement agreement, the company agreed to pay the plaintiffs $1.5 million in return for a mutual release that pertains to all claims asserted in the complaint and a dismissal of the lawsuit with prejudice.
Located in Bakersfield, Calif., Tri-Valley is an oil and natural gas exploration company.
Issuer: | Tri-Valley Corp.
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Issue: | Senior secured note
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Amount: | $1.5 million
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Maturity: | April 30, 2013
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Coupon: | 14%
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Warrants: | For 1,365,000 shares
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Warrant expiration: | Five years
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Investor: | G. Thomas Gamble
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Pricing date: | April 3
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Stock symbol: | Amex: TIV
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Stock price: | $0.16 at close April 2
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Market capitalization: | $9.67 million
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