South Texas Oil sells $500,000 worth of debt
South Texas Oil Co. completed the sale of $555,000 worth of secured convertible notes in a private placement transaction via private placement offering memorandum.
The private placement notes have a 14 percent interest rate and are due in 2011. The notes are convertible into South Texas Oil Co. common stock at a fixed conversion price of 50 cents per share.
Proceeds will be used to fund a portion of the company’s 2009 capital expenditure budget, for potential acquisitions and to provide working capital for general corporate purposes.
South Texas Oil’s private placement agreement also includes warrants giving the note holders the right to purchase one share of common stock for every $1 of the principal amount of the notes purchased. The exercise price for the warrants is 50 cents per share.
San Antonio-based South Texas Oil is engaged in the acquisition, production, exploration and development of crude oil and natural gas. The company operates in Texas, Louisiana and the Gulf Coast.
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