By Sheri Kasprzak
New York, July 19 - The Beard Co. said it has raised another $195,000 in its previously announced convertible note offering.
The notes mature on Aug. 31, 2009, bear interest at 12% annually and are convertible into a total of 126,667 common shares at $2.25 each.
Also, the company said $90,000 of its 10% notes due Nov. 30, 2006 were exchanged, bringing the total amount of the 12% notes issued to $285,000.
Beard may force conversion of the notes after Feb. 28, 2007 if the weighted stock price is more than twice the conversion price for 60 trading days or more.
The note offering was first announced on June 29, and the company hopes to raise up to $2 million from the deal.
Based in Oklahoma City, Beard is a coal reclamation company.
| Issuer: | The Beard Co.
|
| Issue: | Convertible notes
|
| Amount: | $195,000
|
| Maturity: | Aug. 31, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $2.25
|
| Call: | May force conversion after Feb. 28, 2007 if weighted average stock price is more than twice conversion price for 60 trading days or more
|
| Warrants: | No
|
| Pricing date: | June 29
|
| Settlement date: | July 15 (for $195,000)
|
| Stock price: | $2.50 at close June 29
|
| Stock price: | $2.02 at close July 15
|
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