Financing with Black Coral Capital offers secured convertible notes
By Devika Patel
Knoxville, Tenn., March 31 – OneRoof Energy Group, Inc. said it completed the final closing of a $20 million private placement of secured convertible notes with Black Coral Capital LLC. The deal raised $6 million on Jan. 20.
The notes are convertible into common stock at C$0.055 per share in the first year and at C$0.10 after that.
The conversion prices are an 8.33% discount and a 66.67% premium to the Jan. 19 closing share price of C$0.06.
Proceeds will be used for general working capital purposes.
OneRoof Energy is a residential solar services provider based in San Diego.
| Issuer: | OneRoof Energy Group, Inc.
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| Issue: | Secured convertible notes
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| Amount: | $20 million
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| Conversion price: | C$0.055 for the first year, C$0.10 after that
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| Warrants: | No
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| Investor: | Black Coral Capital LLC
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| Settlement date: | Jan. 20 (for $6 million), March 31
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| Stock symbol: | TSX Venture: ON
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| Stock price: | C$0.06 at close Jan. 19
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| Market capitalization: | $4.67 million
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