By Sheri Kasprzak
New York, July 6 - AdAl Group, Inc. said it has completed a private placement of a convertible term note for $1.5 million.
The company sold the note to Laurus Master Fund, Ltd.
The note matures on June 29, 2008, is convertible into common shares at $3.00 each for the first $1 million in principal and $3.50 for the remainder. The note bears interest at Prime rate plus 300 basis points.
Laurus also received warrants for up to 375,000 shares, exercisable at $6.30 each for the first 187,500 shares and at $6.83 each for the remainder. Laurus also received an option to buy an additional 150,702 shares. Laurus exercised the option for 150,230 shares on June 30.
Based in Surrey, England, AdAl is an aluminum extrusion service company.
| Issuer: | AdAl Group, Inc.
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| Issue: | Convertible term note
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| Amount: | $1.5 million
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| Maturity: | June 29, 2008
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| Coupon: | Prime rate plus 300 basis points
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| Conversion price: | $3.00 for first $1 million, $3.50 for remainder
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| Warrants: | For up to 375,000 shares
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| Warrant strike price: | $6.30 for first 187,500 shares, $6.83 for remainder
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| Options: | For up to 150,702 shares
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | June 29
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| Stock price: | $5.25 at close June 3 (last trade)
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