By Sheri Kasprzak
New York, Jan. 23 - Wentworth Energy, Inc. revealed the particulars of its previously announced $1.5 million private placement.
The company sold $1.5 million in convertible debentures to Cornell Capital Partners, LP.
The 10% debentures mature in three years and are convertible into shares at the lesser of $0.65 each or 85% of the lowest volume-weighted average price for the 15 trading days before conversion.
So far, Cornell has funded $1 million of the proceeds and will fund the remainder 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.
|
| Issue: | Convertible debentures
|
| Amount: | $1.5 million
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| Maturity: | Jan. 16, 2009
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| Coupon: | 10%
|
| Price: | Par
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| Yield: | 10%
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| Conversion price: | The lesser of $0.65 or 85% of the lowest VWAP for the 15 trading days before conversion
|
| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | Jan. 17
|
| Stock symbol: | OTCBB: WNWG
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| Stock price: | $0.61 at close Jan. 17
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