By Laura Lutz
Des Moines, Dec. 28 - Byte Power Group Ltd. completed a private placement of convertible notes with Hawkswood Investments Pty. Ltd. for A$2 million.
The 11% two-year notes are convertible at A$0.0425 per share.
The company may redeem the notes at A$0.0425 per share at any time after June 27, 2007.
Proceeds will be used for working capital and to retire the company's existing debt.
Byte is an information technology company based in Brisbane, Australia.
| Issuer: | Byte Power Group Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$2 million
|
| Maturity: | Two years
|
| Coupon: | 11%
|
| Price: | Par of A$1.00
|
| Yield: | 11%
|
| Conversion price: | A$0.0425
|
| Call: | A$0.0425 any time after June 27, 2007
|
| Warrants: | No
|
| Investor: | Hawkswood Investments Pty. Ltd.
|
| Settlement date: | Dec. 28
|
| Stock symbol: | Australia: BPG
|
| Stock price: | A$0.41 at close Dec. 29
|
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