By Devika Patel
Knoxville, Tenn., Dec. 24 - ECO2 Plastics, Inc. settled a $3.4 million convertible secured bridge loan on Dec. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The loan is secured by all of the company's assets.
Investors also received warrants for 113,333,220 shares, which are exercisable at $0.015 until April 14, 2015.
Proceeds will be used for working capital.
ECO2, based in San Francisco, has developed a system that cleans post-consumer plastics, without the use of water, at cost savings versus traditional methods within a closed-loop system.
| Issuer: | ECO2 Plastics, Inc.
|
| Issue: | Convertible secured bridge loan, evidenced by convertible secured promissory notes
|
| Amount: | $3.4 million
|
| Warrants: | For 113,333,220 shares
|
| Warrant expiration: | April 14, 2015
|
| Warrant strike price: | $0.015
|
| Announcement date: | Sept. 19
|
| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: EOPI
|
| Stock price: | $0.02 at close Dec. 17
|
| Market capitalization: | $11.5 million
|
© 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.
