Sale also includes warrants; note converts to common stock at $0.40
By Devika Patel
Knoxville, Tenn., Aug. 27 - Axion International Holdings, Inc. settled a $5.13 million private placement of 8% convertible promissory notes on Aug. 24, according to an 8-K filed Monday with the Securities and Exchange Commission. The investors may purchase $5 million more of notes.
The note is initially convertible into common shares at $0.40 per share, which is identical to the Aug. 23 closing share price. It is due Aug. 24, 2017 and may be prepaid.
The investors also received three-year warrants for 12,821,302 common shares. The warrants are each exercisable at $0.60, which is a 50% premium to the Aug. 23 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.
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Issue: | Convertible promissory notes
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Amount: | $5,128,520
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Maturity: | Aug. 24, 2017
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Coupon: | 8%
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Conversion price: | $0.40
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Call: | Yes
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Warrants: | For 12,821,302 shares
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Warrant expiration: | Three years
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Warrant strike price: | $0.60
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Investors: | MLTM Lending, LLC, Samuel Rose and Allen Kronstadt
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Settlement date: | Aug. 24
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Stock symbol: | OTCBB: AXIH
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Stock price: | $0.40 at close Aug. 23
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Market capitalization: | $12.85 million
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