Sale also includes warrants; note converts to common stock at $0.40
By Devika Patel
Knoxville, Tenn., Oct. 2 - Axion International Holdings, Inc. settled a $1.5 million private placement of 8% convertible promissory notes on Sept. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes are initially convertible into common shares at $0.40 per share, which is identical to the Sept. 27 closing share price. The five-year notes may be prepaid.
The investors also received three-year warrants for 3.75 million common shares. The warrants are each exercisable at $0.60, which is a 50% premium to the Sept. 27 closing share price.
Investors included MLTM Lending, LLC, Samuel Rose and Allen Kronstadt.
Axion is an independent oil and gas enterprise based in Basking Ridge, N.J.
| Issuer: | Axion International Holdings, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1.5 million
|
| Maturity: | Sept. 28, 2017
|
| Coupon: | 8%
|
| Conversion price: | $0.40
|
| Call: | Yes
|
| Warrants: | For 3.75 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60
|
| Investors: | MLTM Lending, LLC, Samuel Rose and Allen Kronstadt
|
| Settlement date: | Sept. 28
|
| Stock symbol: | OTCBB: AXIH
|
| Stock price: | $0.40 at close Sept. 27
|
| Market capitalization: | $10.44 million
|
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