Company sells 6% notes due Sept. 5, 2013 to investor GEL Properties
By Devika Patel
Knoxville, Tenn., Sept. 7 - Worthington Energy, Inc. settled a $100,000 private placement of 6% convertible notes with GEL Properties, Inc. on Sept. 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on Sept. 5, 2013 and may be converted into common stock at a conversion price per share equal to 70% of the lowest closing bid price of the common stock during the five trading days immediately preceding and including the date of conversion.
The oil and gas exploration and production company is based in Stateline, Nev.
| Issuer: | Worthington Energy, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $100,000
|
| Maturity: | Sept. 5, 2013
|
| Coupon: | 6%
|
| Conversion price: | 70% of the lowest closing bid price of the common stock during the five trading days immediately preceding and including the date of conversion
|
| Warrants: | No
|
| Investors: | GEL Properties, Inc.
|
| Settlement date: | Sept. 5
|
| Stock symbol: | OTCBB: WGAS
|
| Stock price: | $0.01 at close Sept. 4
|
| Market capitalization: | $2.78 million
|
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