Sale also includes warrants; note converts to common stock at $0.40
By Devika Patel
Knoxville, Tenn., Jan. 9 - Axion International Holdings, Inc. settled a $500,000 private placement of 8% convertible promissory notes on Jan. 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Allen Kronstadt was the investor.
The note is initially convertible into common shares at $0.40 per share, which is a 5.26% premium to the Jan. 3 closing share price of $0.38. It is due Jan. 4, 2018 and may be prepaid.
The investors also received three-year warrants for 1.25 million common shares. The warrants are each exercisable at $0.60, which is a 57.9% premium to the Jan. 3 closing share price.
Axion is an independent oil and gas enterprise based in New Providence, N.J.
Issuer: | Axion International Holdings, Inc.
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Issue: | Convertible promissory notes
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Amount: | $500,000
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Maturity: | Jan. 4, 2018
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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 1.25 million shares
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Warrant expiration: | Three years
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Warrant strike price: | $0.60
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Investor: | Allen Kronstadt
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Settlement date: | Jan. 4
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Stock symbol: | OTCBB: AXIH
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Stock price: | $0.38 at close Jan. 3
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Market capitalization: | $11.55 million
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