Conversion price of preferreds to be based on 10% discount to market
By Susanna Moon
Chicago, March 15 – Hydrocarb Energy Corp. entered into a private placement agreement for $2 million of convertible preferred stock with Infinity Fund LLC on March 9, according to an 8-K filing with the Securities and Exchange Commission.
The preferreds will be convertible into common stock on a 1,000-for-one basis, or 1,000 shares of common stock for each preferred.
The preferreds will be convertible into common stock of the company based on a 10% discount to market.
Infinity also agreed to subscribe for up to $25 million shares of common stock, at a 10% discount to the trading price of the company’s common stock.
The petroleum exploration company is based in Houston.
| Issuer: | Hydrocarb Energy Corp.
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| Issue: | Convertible preferred stock
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| Amount: | $2 million
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| Conversion price: | 10% discount to market at 1,000-for-one basis
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| Investor: | Infinity Fund LLC
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| Pricing date: | March 9
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| Stock symbol: | OTCBB: HECC
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| Stock price: | $0.54 at close March 14
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| Market capitalization: | $13.82 million
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