Sale also includes warrants; note converts to common stock at $0.40
By Devika Patel
Knoxville, Tenn., Oct. 24 - Axion International Holdings, Inc. completed a $596,993 private placement of 8% convertible promissory notes on Oct. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is initially convertible into common shares at $0.40 per share, which is a 20% discount to the Oct. 18 closing share price of $0.50. It is due Oct. 21, 2018 and may be prepaid.
The investors also received three-year warrants for 1,492,482 common shares. The warrants are each exercisable at $0.60, which is a 20% premium to the Oct. 18 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.
|
| Issue: | Convertible promissory notes
|
| Amount: | $596,993
|
| Maturity: | Oct. 21, 2018
|
| Coupon: | 8%
|
| Conversion price: | $0.40
|
| Call: | Yes
|
| Warrants: | For 1,492,482 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60
|
| Investors: | MLTM Lending, LLC, Samuel Rose and Allen Kronstadt
|
| Settlement date: | Oct. 21
|
| Stock symbol: | OTCBB: AXIH
|
| Stock price: | $0.50 at close Oct. 18
|
| Market capitalization: | $15.16 million
|
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