Evolucia completes $100,000 of $2.48 million placement of 14% notes

Three-year callable promissory notes sold with five-year warrants

By Devika Patel

Knoxville, Tenn., Aug. 30 - Evolucia Inc. settled a $100,000 tranche of a $2.48 million private placement of secured callable promissory notes on Aug. 26, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $2 million on April 22, $149,950 on May 24, $125,000 on July 22 and $50,000 on Aug. 9.

The 14% notes may be prepaid and are due in three years.

The investors also received warrants for 125,763,559 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:	$2,474,950
Maturity:	Three years
Coupon:	14%
Call option:	Yes
Warrants:	For 125,763,559 shares
Warrant expiration:	Five years
Warrant strike price:	$0.025
Settlement dates:	April 22 (for $2 million), May 24 (for $149,950), July 22 ($125,000), July 26 (for $50,000), Aug. 9 (for $50,000), Aug. 26 (for $100,000)
Stock symbol:	OTCBB: ILED
Stock price:	$0.02 at close on April 19
Market capitalization:	$24.1 million

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