18-month notes were sold with three-year warrants for 1,127,500 shares
By Devika Patel
Knoxville, Tenn., Oct. 31 - Eflo Energy Inc. sold $2.26 million of 18-month convertible notes in a private placement on Oct. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes may be converted to common stock at $1.00 per share, which is an 11.11% premium to the Oct. 29 closing share price of $0.90.
The notes were sold with warrants for 1,127,500 shares. The three-year warrants are each exercisable at $1.25, a 38.89% premium to the Oct. 29 closing share price.
The oil and gas company is based in Houston.
| Issuer: | Eflo Energy Inc.
|
| Issue: | Convertible notes
|
| Amount: | $2,255,000
|
| Maturity: | 18 months
|
| Warrants: | For 1,127,500 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.25
|
| Settlement date: | Oct. 30
|
| Stock symbol: | OTCBB: EFLO
|
| Stock price: | $0.90 at close Oct. 29
|
| Market capitalization: | $19.46 million
|
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