By Lisa Kerner
Charlotte, N.C., Dec. 16 – OneRoof Energy Group, Inc. and its subsidiary OneRoof Energy, Inc. issued a $1.5 million 16% secured nonconvertible note to current investor Black Coral Capital, LLC.
Proceeds will be used for general working capital purposes, including general and administrative, IT development and investment in solar projects, according to a news release.
The note is subject to substantially the same terms and conditions as OneRoof’s outstanding subordinated convertible notes, with certain differences including: the note is not convertible into equity and any voluntary prepayment of any installment requires a penalty of one-ninth of the prepayment.
OneRoof Energy is residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. The company is based in San Diego, Calif.
Issuer: | OneRoof Energy Group, Inc., OneRoof Energy, Inc.
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Issue: | Secured nonconvertible note
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Amount: | $1.5 million
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Coupon: | 16%
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Purchaser: | Black Coral Capital, LLC
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