By Sheri Kasprzak
New York, March 31 - Barnabus Energy, Inc. said it has entered into an agreement with Cornell Capital Partners, LP for a $15 million convertible debenture offering.
The 5% debentures mature in three years and are convertible into common shares at $1.50 each. The conversion price represents a 4.8% premium to the company's $1.43 closing stock price March 30.
The first $5 million was funded at closing with the second $5 million to be funded once a registration statement is filed with the Securities and Exchange Commission. The remaining $5 million will be funded after the registration statement is declared effective.
The proceeds from the deal will be used to fund Barnabus' acquisitions of Solar Roofing Systems, Inc. and Connect Renewable Energy, Inc.
Barnabus is doing business as Open Energy Corp., and a name change is pending once the acquisitions are completed.
Based in Solana Beach, Calif., Barnabus develops solar photovoltaic products for commercial and residential clients.
| Issuer: | Barnabus Energy, Inc.
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| Issue: | Convertible debentures
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| Amount: | $15 million
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| Maturity: | Three years
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Conversion price: | $1.50
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | March 31
|
| Stock symbol: | OTCBB: BBSE
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| Stock price: | $1.52 at close March 31
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