Deal includes warrants exercisable for 400 million shares at $0.001
By Devika Patel
Knoxville, Tenn., Oct. 7 – ECO Building Products, Inc. settled an $833,333 private placement of 6% original issue discount senior secured convertible promissory notes with Dominion Capital LLC on Sept. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were sold with a 10% discount.
The note is due on Sept. 16, 2015 and is convertible into common shares at $0.01 per share. The convertibles may be prepaid.
Dominion also received warrants for 400 million shares. Each of the warrants is exercisable at $0.001 until Sept. 16, 2019.
Dominion has transferred the notes and warrants to its affiliate, M2B Funding Corp.
Based in Vista, Calif., Eco Building Products manufactures and sells proprietary wood products.
| Issuer: | ECO Building Products, Inc.
|
| Issue: | Original issue discount senior secured convertible promissory note
|
| Amount: | $833,333
|
| Maturity: | Sept. 16, 2015
|
| Coupon: | 6%
|
| Price: | 10% discount
|
| Conversion price: | $0.01
|
| Call: | Yes
|
| Warrants: | For 400 million shares
|
| Warrant expiration: | Sept. 16, 2019
|
| Warrant strike price: | $0.001
|
| Investor: | Dominion Capital LLC, M2B Funding Corp.
|
| Settlement date: | Sept. 16
|
| Stock symbol: | OTCBB: ECOB
|
| Market capitalization: | $1.42 million
|
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