By Devika Patel
Knoxville, Tenn., Sept. 30 - USCorp settled a $1.2 million private placement of a convertible promissory note with a private European fund on Sept. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note carries a 4% coupon and is due on March 31, 2011.
The note is convertible into class A common stock at any time with a conversion price of $0.125 per share.
The fund also received warrants for 4.8 million common shares. The warrants are exercisable at $0.20 for one year.
Based in Las Vegas, USCorp is a gold and silver exploration company.
| Issuer: | USCorp
|
| Issue: | Convertible promissory note
|
| Amount: | $1.2 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion price: | $0.125
|
| Warrants: | For 4.8 million shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.20
|
| Settlement date: | Sept. 28
|
| Stock symbol: | OTCBB: USCS
|
| Stock price: | $0.11 at close Sept. 26
|
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