Series A convertible preferreds sold at $11.25 apiece with warrants
By Devika Patel
Knoxville, Tenn., Sept. 13 – EnergyTek Corp. settled a $1.5 million private placement of series A convertible preferred stock on Sept. 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 133,334 preferreds, priced at $11.25 apiece, are each convertible into 500 common shares.
Investors also received 25,862,069 five-year warrants, which are each exercisable at $0.058, a 16% premium to the Sept. 12 closing share price of $0.05.
The Scottsdale, Ariz., company targets technologies to improve business growth and profitability, with a particular interest on energy markets.
| Issuer: | EnergyTek Corp.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1.5 million
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| Preferreds: | 133,334
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| Price: | $11.25
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| Conversion ratio: | Into 500 shares (per preferred)
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| Warrants: | 25,862,069
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.058
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| Settlement date: | Sept. 13
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| Stock symbol: | OTCBB: ENTK
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| Stock price: | $0.05 at close Sept. 12
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| Market capitalization: | $1.22 million
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