Closing the Russian Deal Soon?
Exerpt from SEC 10 Q:
On April 21, 1998, the Company issued and sold $5,000,000 aggregate principal
amount of its 14% Convertible Notes due April 21, 2002 (the "Convertible Notes")
to certain institutional buyers (the "Holders") for a total purchase price of
$4,950,000 (the "Initial Closing") pursuant to a Securities Purchase Agreement
dated as of April 21, 1998 (the "Securities Purchase Agreement"). The Securities
Purchase Agreement provides for the issuance and sale to the Holders of an
additional $7,000,000 principal amount of Convertible Notes (the "Second
Tranche") for a purchase price of $6,930,000 on May 15, 1998 or such later date
upon which certain conditions precedent to closing have been satisfied or waived
by the Holders. A significant portion of the proceeds from the Second Tranche is
expected to be used by the Company to purchase the Nafta working interest and
for related initial development costs. The obligation of the Holders to purchase
the additional Convertible Notes shall terminate if such conditions to closing
have not been satisfied prior to May 31, 1998. The Convertible Notes are
convertible into shares of Common Stock at the option of the holder thereof,
commencing upon the earliest of (x) June 30, 1998, (y) the date the related
Registration Statement (filed on May 15, 1998) has been declared effective by
the Securities and |
