Three-year 14% callable promissory notes sold with five-year warrants
By Devika Patel
Knoxville, Tenn., May 29 - Evolucia Inc. raised $149,950 in the second tranche of a $2.15 million private placement of secured callable promissory notes on May 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $2 million on April 22.
The 14% notes may be prepaid and are due in three years.
The investors also received warrants for 103,005,910 shares. Each warrant is exercisable at $0.025 for five years.
The strike price is a 25% premium to the April 19 closing share price of $0.02.
The Sarasota, Fla., company makes and sells LED lighting fixtures.
| Issuer: | Evolucia Inc.
|
| Issue: | Secured callable promissory notes
|
| Amount: | $2,149,950
|
| Maturity: | Three years
|
| Coupon: | 14%
|
| Call: | Yes
|
| Warrants: | For 103,005,910 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.025
|
| Settlement date: | April 22 (for $2 million), May 24 (for $149,950)
|
| Stock symbol: | OTCBB: ILED
|
| Stock price: | $0.02 at close on April 19
|
| Market capitalization: | $22.75 million
|
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