Deal sells 8% notes with five-year warrants for 65,000 common shares
By Devika Patel
Knoxville, Tenn., Oct. 30 – eFleets Corp. settled a $65,000 private placement of unsecured convertible promissory notes with Koukis Holdings SA on Oct. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% notes mature in one year and are convertible into common stock at $1.00 per share, which is a 63.64% discount to the closing share price on Oct. 29, $2.75.
In addition, Koukis received five-year warrants for 65,000 common shares. The warrants are each exercisable at $1.20, which is a 56.36% discount to the Oct. 29 closing share price.
The Fort Worth company is focused on the design, development, assembly and sale of all-electric fleet vehicles.
| Issuer: | eFleets Corp.
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| Issue: | Unsecured convertible promissory notes
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| Amount: | $65,000
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| Maturity: | One year
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| Coupon: | 8%
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| Conversion price: | $1.00
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| Warrants: | For 65,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.20
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| Investor: | Koukis Holdings SA
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| Announcement date: | Oct. 30
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| Settlement date: | Oct. 27
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| Stock symbol: | OTCBB: EFLT
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| Stock price: | $2.75 at close Oct. 29
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| Market capitalization: | $24.42 million
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