Investors receives convertibles in exchange for equal amount of debt
By Angela McDaniels
Tacoma, Wash., May 14 – OneRoof Energy Group, Inc. subsidiary OneRoof Energy, Inc. issued $3,155,551 of 10% convertible notes to Spindrift Equities, LLC.
Each note has a term of 43 months and is convertible into common shares at a conversion price of C$0.095 per share for the first year after the closing of the offering and at a conversion price of C$0.10 per share for the remainder of the term of the note.
Plans for the placement were announced on April 20. The conversion prices are 18.75% and 25% premiums to the April 17 closing share price of C$0.08.
Originally, the conversion price was expected to be C$0.08 per share for the term of the notes. It was revised on April 22.
The notes were issued to Spindrift in exchange for the same amount of existing debt owed by OneRoof Energy and its subsidiaries to Spindrift.
The issuer is a residential solar services provider based in San Diego.
| Issuer: | OneRoof Energy Group, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $3,155,551
|
| Term: | 43 months
|
| Coupon: | 10%
|
| Conversion prices: | C$0.095 for first year and C$0.10 for remainder of term
|
| Call option: | After six months
|
| Warrants: | No
|
| Investor: | Spindrift Equities, LLC
|
| Pricing date: | April 20
|
| Settlement date: | May 14
|
| Stock symbol: | TSX Venture: ON
|
| Stock price: | C$0.08 at close April 17
|
| Market capitalization: | C$2.72 million
|
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