One-year note pays 8% interest, accompanied by 26,490 warrants
New York, March 20 - eFleets Corp. issued an $80,000 unsecured convertible promissory notes to Zeus Corp. on March 14, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% note matures in one year and is convertible at a price of $1.51 per share, which is a 49.7% discount to the closing share price on March 20, $3.00.
As part of the transaction, Zeus received five-year warrants for 26,490 common shares. The warrants are each exercisable at $2.01, which is a 33% discount to the March 20 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: | $80,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | $1.51
|
| Warrants: | For 26,490 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.01
|
| Investor: | Zeus Corp.
|
| Announcement date: | March 20
|
| Settlement date: | March 14
|
| Stock symbol: | OTCBB: EFLT
|
| Stock price: | $3.00 at close March 20
|
| Market capitalization: | $25.3 million
|
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