Deal sells 8% notes with five-year warrants for 26,490 common shares
By Devika Patel
Knoxville, Tenn., April 3 - eFleets Corp. completed an $80,000 private placement of unsecured convertible promissory notes with Zeus Corp. on March 28, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $700,000 on similar terms in a previous sale.
The 8% notes mature in one year and are convertible into common stock at $1.51 per share, which is a 49.67% discount to the closing share price on April 2, $3.00.
In addition, 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 April 2 closing share price.
The Fort Worth 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: | April 3
|
| Settlement date: | March 28
|
| Stock symbol: | OTCBB: EFLT
|
| Stock price: | $3.00 at close April 2
|
| Market capitalization: | $25.31 million
|
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