OneRoof Energy investor purchases $3 million 16% nonconvertible notes

By Lisa Kerner

Charlotte, N.C., Sept. 25 – OneRoof Energy Group, Inc. and its subsidiary OneRoof Energy, Inc. agreed to a financing of 16% secured nonconvertible notes with current investor Black Coral Capital, LLC.

Black Coral initially purchased $3 million of notes. Total funding of the notes is anticipated to be $4.5 million, funded in tranches, according to a news release.

Proceeds will be used for general working capital purposes, including general and administrative, IT development and investment in solar projects.

The notes are secured by available assets that are not otherwise pledged under project financings, are not convertible into equity and are subject to a voluntary prepayment penalty.

OneRoof Energy is a residential solar services provider based in San Diego.

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