By Sheri Kasprzak
Atlanta, Jan. 25 - The Beard Co. has wrapped a private placement of five-year convertibles for $2.1 million.
The company sold convertible subordinated notes to a group of private investors.
The notes bear interest at 12% annually, mature Feb. 15, 2010 and are convertible into common shares at $1 each.
Based in Oklahoma City, The Beard Co. is focused on coal reclamation activities, carbon dioxide gas production, the construction of fertilizer plants in China and developing business opportunities through its e-commerce activities.
The company plans to use a portion of the proceeds for working capital, and the remainder will be used for a pond fines recovery project in West Virginia.
| Issuer: | The Beard Co.
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| Issue: | Convertible subordinated notes
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| Amount: | $2.1 million
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| Maturity: | Feb. 15, 2010
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| Coupon: | 12%
|
| Price: | Par
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| Yield: | 12%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Settlement date: | Jan. 25
|
| Stock price: | $1.40 at close Jan. 25
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