OneRoof Energy places final $1.5 million note with Black Coral to complete $4.5 million issue

By Lisa Kerner

Charlotte, N.C., Oct. 9 – OneRoof Energy, Inc., a subsidiary of OneRoof Energy Group, Inc., issued a $1.5 million 16% secured nonconvertible note to current investor Black Coral Capital, LLC.

Interest on the note is compounded monthly.

The note has a $500,000 voluntary prepayment penalty.

It is the final tranche of the company’s previously announced financing with Black Coral in the total amount of $4.5 million, according to a news release.

As previously reported, Black Coral initially purchased $3 million of notes in September.

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.

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

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