18-month notes were sold with three-year warrants for 1,127,500 shares
By Devika Patel
Knoxville, Tenn., Oct. 31 - Eflo Energy Inc. sold $2.26 million of 18-month convertible notes in a private placement on Oct. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes may be converted to common stock at $1.00 per share, which is an 11.11% premium to the Oct. 29 closing share price of $0.90.
The notes were sold with warrants for 1,127,500 shares. The three-year warrants are each exercisable at $1.25, a 38.89% premium to the Oct. 29 closing share price.
The oil and gas company is based in Houston.
Issuer: | Eflo Energy Inc.
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Issue: | Convertible notes
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Amount: | $2,255,000
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Maturity: | 18 months
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Warrants: | For 1,127,500 shares
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Warrant expiration: | Three years
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Warrant strike price: | $1.25
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Settlement date: | Oct. 30
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Stock symbol: | OTCBB: EFLO
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Stock price: | $0.90 at close Oct. 29
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Market capitalization: | $19.46 million
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