By Devika Patel
Knoxville, Tenn., March 23 - Blackwater Midstream Corp. negotiated a private placement of two-year convertible debt on Jan. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal will settle for $1.75 million on March 31.
The debt matures on March 31, 2012 and bears interest at 10% per year. It is initially convertible into common stock at $0.50 per share.
Falcon Capital will assist with this financing.
Proceeds will be used to acquire a 160,000 barrel bulk liquid storage terminal.
Blackwater is a mining exploration company based in Vancouver, B.C.
| Issuer: | Blackwater Midstream Corp.
|
| Issue: | Convertible debt
|
| Amount: | $1.75 million
|
| Maturity: | March 31, 2012
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Agent: | Falcon Capital
|
| Pricing date: | Jan. 22
|
| Settlement date: | March 31
|
| Stock symbol: | OTCBB: BWMS
|
| Stock price: | $0.27 at close Jan. 22
|
| Market capitalization: | $14 million
|
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