Deal sells 8% notes with five-year warrants for 231,778 common shares
By Devika Patel
Knoxville, Tenn., March 7 - eFleets Corp. raised $700,000 in a private placement of unsecured convertible promissory notes with Zeus Corp. between Dec. 17 and Feb. 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% notes mature in one year and are convertible into 463,576 common shares at $1.51 per share, which is a 49.67% discount to the closing share price on March 6, $3.00.
In addition, Zeus received five-year warrants for 231,778 common shares. The warrants are each exercisable at $2.01, which is a 33% discount to the March 6 closing share price.
The Fort Worth, Texas, company is focused on the design, development, assembly, and sale of all-electric fleet vehicles.
| Issuer: | eFleets Corp.
|
| Issue: | Unsecured convertible promissory notes
|
| Amount: | $700,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | $1.51
|
| Conversion ratio: | Into 463,576 shares
|
| Warrants: | For 231,778 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.01
|
| Investor: | Zeus Corp.
|
| Announcement date: | March 7
|
| Settlement date: | Between Dec. 17 and Feb. 28
|
| Stock symbol: | OTCBB: EFLT
|
| Stock price: | $3.00 at close March 6
|
| Market capitalization: | $25.31 million
|
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