By Sheri Kasprzak
New York, Dec. 22 - Yarraman Winery, Inc. said it has completed a private placement for $2 million.
The company issued convertible promissory notes that mature in 300 days and bear interest at Prime rate plus 250 basis points.
The notes are convertible into 5,253,500 common shares.
Proceeds will be used for working capital and general corporate purposes.
Based in Las Vegas, Yarraman operates a winery in Australia.
| Issuer: | Yarraman Winery, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $2 million
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| Maturity: | 300 days
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| Coupon: | Prime rate plus 250 basis points
|
| Conversion ratio: | Into 5,253,500 common shares
|
| Warrants: | No
|
| Settlement date: | Dec. 22
|
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