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April 1, 2014
10:08 EDTKIORKiOR in financing pact of up to $25M with KFT Trust
KiOR disclosed earlier in a regulatory filing that on March 31 the company entered into a Senior Secured Promissory Note and Warrant Purchase Agreement with KFT Trust in its capacity as agent for the 2014 Note Purchaser. The agreement contemplates multiple tranches of financing of up to $25M. The first tranche, which the company expects will close on April 3, consists of the purchase by KFT Trust of $5.0M of Senior Secured Mandatorily Convertible Notes in exchange for a like amount of cash. The remaining tranches consist of the sale of additional 2014 notes in principal amounts to be mutually agreed between the purchaser and the company for a like amount of cash at the beginning of each full month following the first tranche closing, provided that in each preceding month the company satisfactorily achieves certain milestones. In connection with the initial closing, the company plans to issue to KFT Trust a warrant to purchase an aggregate of 872,600 shares of Class A common stock of the company at an exercise price of 57.3c per share, which was the consolidated closing bid price for the Company’s Class A common stock on March 31. KiOR shares are up about 76% to $1.01 in early trading following the financing agreement.
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