By Lisa Kerner
Charlotte, N.C., Oct. 28 – OneRoof Energy, Inc. agreed to a $3 million financing consisting of $1 million of secured nonconvertible notes issued to Black Coral Capital, LLC and $2 million issued to Spindrift Equities LLC.
Both companies are existing OneRoof investors, according to a news release.
The notes bear interest at 16% per annum compounded monthly and are subject to substantially the same terms and conditions as the company’s outstanding subordinated convertible notes.
Proceeds will be used for general working capital purposes, including general and administrative, IT development and investment in solar projects.
OneRoof Energy is residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. The company is based in San Diego, Calif.
| Issuer: | OneRoof Energy, Inc.
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| Issue: | Secured nonconvertible notes
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| Amount: | $3 million
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| Coupon: | 16%
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| Purchasers: | Black Coral Capital, LLC and Spindrift Equities LLC
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