Leo Motors sells $395,000 of convertibles through $359,055 placement

One-year 10% debenture convertible into common stock at variable price

By Devika Patel

Knoxville, Tenn., May 24 – Leo Motors, Inc. sold $395,000 of convertible debentures for $359,055 on May 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The 10% debentures are due in one year and are initially convertible into common stock at a price equal to the lesser of $0.50 per share and 70% of the lowest volume weighted average price during the 20 trading days preceding conversion. The debenture may be prepaid at any time.

The Hanam, South Korea, company markets lithium energy storage products.

Issuer:	Leo Motors, Inc.
Issue:	Convertible debentures
Amount:	$395,000
Maturity:	May 18, 2017
Price:	$359,055
Coupon:	10%
Conversion price:	The lesser of $0.50 per share and 70% of the lowest volume weighted average price during the 20 trading days preceding conversion
Call:	Yes
Warrants:	No
Settlement date:	May 18
Stock symbol:	OTCBB: LEOM
Stock price:	$0.28 at close on May 17
Market capitalization:	$47.07 million

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