Deal sells 10% unsecured notes with warrant coverage to JMJ Financial
By Devika Patel
Knoxville, Tenn., June 28 – Oakridge Global Energy Solutions, Inc. settled a private placement of $555,000 of 10% unsecured convertible promissory notes with JMJ Financial on June 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The note includes an original issue discount of $55,000 for $500,000 of proceeds.
The note is due on June 21, 2017 and is convertible into common shares at the lesser of $0.39 or 65% of the average of the lowest two closing prices in the 25-day period preceding a conversion. The note may be put at 120.
JMJ also received warrants for 1,068,374 shares. The five-year warrants are each exercisable at the lesser of $0.39 per share or the lowest trade price in the 10-day period preceding the exercise date.
The Melbourne, Fla., company licenses thin-film, solid-state batteries for industrial, government, and medical applications.
| Issuer: | Oakridge Global Energy Solutions, Inc.
|
| Issue: | Unsecured convertible promissory note
|
| Amount: | $555,000
|
| Maturity: | June 21, 2017
|
| Price: | $500,000 ($55,000 discount)
|
| Coupon: | 10%
|
| Conversion price: | The lesser of $0.39 or 65% of the average of the lowest two closing prices in the 25-day period preceding a conversion
|
| Put: | At 120
|
| Warrants: | For 1,068,374 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | The lesser of $0.39 per share or the lowest trade price in the 10-day period preceding the exercise date
|
| Investor: | JMJ Financial
|
| Settlement date: | June 16
|
| Stock symbol: | OTCBB: OGES
|
| Stock price: | $0.34 at close June 15
|
| Market capitalization: | $122.6 million
|
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