New Issue: CleanSpark issues $550,000 of convertible notes via private placement

By Devika Patel

Knoxville, Tenn., April 2 – CleanSpark, Inc. sold a $550,000 convertible promissory note to Labrys Fund, LP in a private placement on March 27, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on March 23.

The 12% note has a $50,000 original issue discount and matures in six months.

The notes convert to common stock at a price equal to 70% of the lowest trading price of the stock during the 20 trading days preceding conversion. They may be prepaid.

CleanSpark is a San Diego-based producer of clean energy.

Issuer:	CleanSpark, Inc.
Issue:	Convertible promissory notes
Amount:	$550,000
Maturity:	Six months
Coupon:	12%
Price:	$500,000 ($50,000 original issue discount)
Conversion price:	70% of the lowest trading price of the stock during the 20 trading days preceding conversion
Warrants:	No
Call:	Yes
Investor:	Labrys Fund, LP
Pricing date:	March 23
Settlement date:	March 27
Stock symbol:	OTCBB: CLSK
Stock price:	$1.57 at close on March 22
Market capitalization:	$53.41 million

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