By Sheri Kasprzak
New York, Jan. 18 - Wentworth Energy, Inc. said it concluded a private placement of secured convertible debentures for $1.5 million.
Cornell Capital Partners, LP bought the debentures, which are due on Jan. 16, 2009.
The debentures are convertible into shares at the lesser of $0.65 or a 15% discount to the market price at the time of conversion. The coupon could not be determined by press time Wednesday.
So far, the company has received $1 million from the offering. The rest will be funded once a registration statement is filed with the Securities and Exchange Commission.
Wentworth, based in Fort Worth, Texas, is an oil and natural gas exploration and development company.
| Issuer: | Wentworth Energy, Inc.
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| Issue: | Secured convertible debentures
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| Amount: | $1.5 million
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| Maturity: | Jan. 16, 2009
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| Conversion price: | The lesser of $0.65 or a 15% discount to the market price at the time of conversion
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Jan. 17
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| Stock symbol: | OTCBB: WNWG
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| Stock price: | $0.61 at close Jan. 17
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