By Sheri Kasprzak
New York, Oct. 4 - The Beard Co. intends to raise $1,268,000 in a private placement of subordinated convertible notes.
The 12% notes are convertible into common shares at a price equal to the weighted average closing price of the stock for the 90 trading days before conversion, subject to a $1.00 floor. Notes issued in connection with subscriptions received before Oct. 19 will have a conversion price of $1.00.
Conversion of the notes may be forced after March 31, 2008 if the stock trades at more than twice the conversion price for more than 40 consecutive trading days.
The notes will be issued in two series - series A notes in principal of $700,000 and series B notes in principal of $568,000. The series A notes are due Aug. 30, 2008 and the series B notes on Nov. 30, 2008.
Based in Oklahoma City, Beard operates coal reclamation facilities.
| Issuer: | The Beard Co.
|
| Issue: | Subordinated convertible notes
|
| Amount: | $1,268,000 (series A for $700,000; series B for $568,000)
|
| Maturity: | Aug. 30, 2008 (series A); Nov. 30, 2008 (series B)
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | Equal to the weighted average closing price of the stock for 90 trading days before conversion, $1.00 floor; notes issued before Oct. 19 will be convertible at $1.00
|
| Warrants: | No
|
| Pricing date: | Oct. 4
|
| Stock symbol: | OTCBB: BRCO
|
| Stock price: | $0.85 at close Oct. 4
|
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