Deal sells series D convertible preferreds with three-year warrants
By Devika Patel
Knoxville, Tenn., April 19 - Zinco Do Brasil Inc. settled a $1 million private placement of series D convertible preferred stock on April 18, according to an 8-K filed Friday with the Securities and Exchange Commission. Edward Dowling was among the investors.
The company sold 100,000 preferreds at $10.00 apiece. The preferreds are convertible into 666,667 common shares.
The investors also received warrants for 166,667 common shares, which are each exercisable at $2.25 for three years. The strike price is a 12.5% premium to the April 17 closing share price of $2.00.
The junior mining company is based in New York.
| Issuer: | Zinco Do Brasil Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $1 million
|
| Preferreds: | 100,000
|
| Price: | $10.00
|
| Conversion ratio: | Into 666,667 common shares
|
| Warrants: | For 166,667 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.25
|
| Investor: | Edward Dowling
|
| Settlement date: | April 18
|
| Stock symbol: | OTCBB: ZNBR
|
| Stock price: | $2.00 at close April 17
|
| Market capitalization: | $41.65 million
|
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