Sale also includes warrants; notes convert to common stock at $0.40
By Devika Patel
Knoxville, Tenn., Jan. 30 - Axion International Holdings, Inc. completed a $1.25 million private placement of 8% convertible promissory notes on Jan. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is initially convertible into common shares at $0.40 per share, which is a 21.57% discount to the Jan. 25 closing share price of $0.51. It is due Jan. 28, 2018 and may be prepaid.
The investors also received three-year warrants for 3,125,004 common shares. The warrants are each exercisable at $0.60, which is a 17.65% premium to the Jan. 25 closing share price.
Investors were 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: | $1,250,001
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Maturity: | Jan. 28, 2018
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Coupon: | 8%
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Conversion price: | $0.40
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Call option: | Yes
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Warrants: | For 3,125,004 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: | Jan. 28
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Stock symbol: | OTCBB: AXIH
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Stock price: | $0.51 at close Jan. 25
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Market capitalization: | $18.99 million
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