Five promissory notes convert into a total of 3 million common shares
By Devika Patel
Knoxville, Tenn., Jan. 28 – All Energy Corp. sold $500,000 of convertible promissory notes through a private placement on Jan. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The five notes convert into six common shares per $1.00 of principal, for a total of 3 million shares.
The oil and natural gas producer is based in Johnston, Iowa.
| Issuer: | All Energy Corp.
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| Issue: | Convertible promissory note
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| Amount: | $500,000
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| Conversion rate: | Into 3 million common shares
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| Warrants: | No
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| Settlement date: | Jan. 26
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| Stock symbol: | OTCBB: AFSE
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| Stock price: | $0.05 at close Jan. 23
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| Market capitalization: | $1.9 million
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