Brio Capital purchases one-year discounted notes with 726,667 warrants
By Devika Patel
Knoxville, Tenn., Aug. 30 - Cyclone Power Technologies, Inc. sold a $272,500 secured convertible promissory note to Brio Capital LP on Aug. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company received $250,000, for a 9% original issue discount of $22,500.
The 0% note matures in one year and is convertible at $0.15 per share. The conversion price is a 7.14% premium to the Aug. 23 closing share price of $0.14.
Brio also received warrants for 726,667 shares. The warrants are each exercisable at $0.20 for five years. The strike price is a 42.86% premium to the Aug. 23 closing share price.
The Pompano Beach, Fla.-based company has developed a clean-tech engine that can run on virtually any fuel and is used in many applications.
| Issuer: | Cyclone Power Technologies, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $272,500
|
| Maturity: | One year
|
| Price: | $250,000 (9% original issue discount of $22,500)
|
| Coupon: | 0%
|
| Conversion price: | $0.15 per share
|
| Warrants: | For 726,667 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Investor: | Brio Capital LP
|
| Settlement date: | Aug. 24
|
| Stock symbol: | OTCBB: CYPW
|
| Stock price: | $0.14 at close Aug. 23
|
| Market capitalization: | $31.73 million
|
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