Note sold to Sack with five-year warrants for 40 million common shares
By Devika Patel
Knoxville, Tenn., Nov. 27 - Evolucia Inc. settled a $400,000 private placement of a promissory note with Sack Family Investment Fund, LLC on Nov. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 15% note is due on Dec. 31, 2013.
Sack also received warrants for 40 million common shares. Each warrant is exercisable at $0.01 for five years. The strike price is identical to the Nov. 25 closing share price.
The Sarasota, Fla., company makes and sells LED lighting fixtures.
| Issuer: | Evolucia Inc.
|
| Issue: | Promissory note
|
| Amount: | $400,000
|
| Maturity: | Dec. 31, 2013
|
| Coupon: | 15%
|
| Warrants: | For 40 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Investor: | Sack Family Investment Fund, LLC
|
| Settlement date: | Nov. 26
|
| Stock symbol: | OTCBB: ILED
|
| Stock price: | $0.01 at close on Nov. 25
|
| Market capitalization: | $14.17 million
|
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