Echo Automotive settles $903,000 private placement of promissory notes

Deal includes 1.81 million shares, warrants for 1.81 million shares

By Devika Patel

Knoxville, Tenn., Oct. 15 - Echo Automotive, Inc. completed a $903,000 private placement of 8% promissory notes in May, according to an 8-K filed Monday with the Securities and Exchange Commission.

Investors also received 1,806,000 common shares and warrants for 1,806,000 shares. Each of the warrants is exercisable at $0.75 for 18 months.

Echo Automotive, a private company in Mesa, Ariz., offers a technology that enables fleet vehicles to reduce their fuel expenses by 50%.

Issuer:	Echo Automotive, Inc.
Issue:	Promissory notes, 1,806,000 common shares
Amount:	$903,000
Warrants:	For 1,806,000 shares
Warrant expiration:	18 months
Warrant strike price:	$0.75
Announcement date:	Oct. 15

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.