By Sheri Kasprzak
New York, July 8 - Boundless Motor Sports Racing Inc. said it has completed a private placement of promissory notes for $4 million.
The company sold the notes to current shareholders.
The notes pay interest at 8% annually and mature the earlier of Sept. 30, 2005 or the completion of an equity or debt offering of at least $6 million.
The investors also received warrants for 700,000 shares, exercisable at $5 each for seven years.
Based in Norman, Okla., Boundless Motor Sports acquires and operates motor sports racing organizations and racetracks.
| Issuer: | Boundless Motor Sports Racing Inc.
|
| Issue: | Promissory notes
|
| Amount: | $4 million
|
| Maturity: | Sept. 30, 2005 or the completion of an equity or debt offering of at least $6 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For up to 700,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $5
|
| Settlement date: | June 30
|
| Stock price: | $4.85 at close June 30
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
