Three-year 4% note may be converted to common stock at $0.10 per share
By Devika Patel
Knoxville, Tenn., Aug. 6 – Leo Motors, Inc. sold $961,540 of convertible promissory notes on July 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 4% note is due in three years and is initially convertible into common stock at $0.10 per share, which is a 150% premium to the July 30 closing share price of $0.04. The note may be prepaid.
The Hanam, South Korea, company markets lithium energy storage products.
| Issuer: | Leo Motors, Inc.
|
| Issue: | Convertible promissory note
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| Amount: | $961,540
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| Maturity: | Three years
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| Coupon: | 4%
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| Conversion price: | $0.10
|
| Call: | Yes
|
| Warrants: | No
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| Settlement date: | July 31
|
| Stock symbol: | OTCBB: LEOM
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| Stock price: | $0.04 at close on July 30
|
| Market capitalization: | $4.02 million
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