AMP Holding raises $292,000 more in $1.55 million convertibles sale

Company sells 14% notes with five-year warrants for 5,428,144 shares

By Devika Patel

Knoxville, Tenn., Jan. 21 – AMP Holding Inc. increased its private placement of unsecured convertible promissory notes to $1.55 million from $1.24 million on Jan. 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $200,000 on Nov. 24, $700,000 on Dec. 8, $342,900 on Dec. 30 and $292,000 on Jan. 16.

The 14% notes mature in one year and are convertible into common shares at $0.90 per share, which is a 400% premium to the closing share price on Nov. 21 of $0.18.

In addition, investors will receive five-year warrants for 5,428,144 common shares. The warrants are each exercisable at $0.14, which is a 22.22% discount to the Nov. 21 closing share price.

Dawson James Securities, Inc. was the agent.

Loveland, Ohio-based AMP is a development-stage company that converts existing internal combustion engine-based vehicles to all electric power trains with a focus on medium-duty trucks.

Issuer:	AMP Holding Inc.
Issue:	Unsecured convertible promissory notes
Amount:	$1,535,000
Maturity:	One year
Coupon:	14%
Conversion price:	$0.90
Conversion premium:	400%
Warrants:	For 5,428,144 shares
Warrant expiration:	Five years
Warrant strike price:	$0.14
Agent:	Dawson James Securities, Inc.
Upsized:	Jan. 16
Settlement dates:	Nov. 24 (for $200,000), Dec. 8 (for $700,000), Dec. 30 (for $342,900), Jan. 16 (for $292,000)
Stock symbol:	OTCBB: AMPD
Stock price:	$0.18 at close Nov. 21
Market capitalization:	$25.44 million

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