Investor also receives 2 million shares, options for 4 million shares
By Devika Patel
Knoxville, Tenn., Aug. 22 - Global Ecology Corp. settled a $1.5 million private placement of 10% promissory notes with Corrado Family LP on Aug. 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is due on Aug. 11, 2014. The note may be prepaid at any time.
The investor also received 2 million common shares and an option for 4 million shares, which is exercisable at $0.10, a 900% premium to the Aug. 18 closing price of $0.01.
Proceeds will be used to develop the company's proprietary high grade fertilized soil for commercial use.
The Montclair, N.J. company treats polluted water and soil.
| Issuer: | Global Ecology Corp.
|
| Issue: | Promissory note, 2 million common shares
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 11, 2014
|
| Coupon: | 10%
|
| Call: | Yes
|
| Options: | For 4 million shares
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| Option strike price: | $0.10
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| Investor: | Corrado Family LP
|
| Settlement date: | Aug. 19
|
| Stock symbol: | Pink Sheets: GLEC
|
| Stock price: | $0.01 at close Aug. 19
|
| Market capitalization: | $4.66 million
|
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