Three-month 12% notes convertible into common stock at $0.10 per share
By Devika Patel
Knoxville, Tenn., April 6 – Leo Motors, Inc. sold $90,424 of convertible promissory notes on March 31, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 12% notes are due in three months and are initially convertible into common stock at $0.10 per share, which is a 42.86% premium to the March 30 closing share price of $0.07.
The investor also received 100% warrant coverage. The warrants are each exercisable at $0.10 until one year after the note is repaid. The strike price is also a 42.86% premium to the March 30 closing share price.
The Hanam, South Korea, company markets lithium energy storage products.
Issuer: | Leo Motors, Inc.
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Issue: | Convertible promissory notes
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Amount: | $90,424
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Maturity: | Three months
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Coupon: | 12%
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Conversion price: | $0.10
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Warrants: | 100% coverage
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Warrant expiration: | One year after note is repaid
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Warrant strike price: | $0.10
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Settlement date: | March 31
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Stock symbol: | OTCBB: LEOM
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Stock price: | $0.07 at close on March 30
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Market capitalization: | $11.56 million
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