0% one-year note was sold with one-year warrants for 4,343,725 shares
By Devika Patel
Knoxville, Tenn., April 25 – QS Energy, Inc. completed a $789,768 private placement of $868,745 of convertible promissory notes from Jan. 1 through April 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company issued principal equal to 110% of the proceeds raised. The notes do not bear interest.
The notes mature in one year and are convertible into common shares at $0.10 per share. The conversion price is a 47.37% discount to the Dec. 31 closing share price of $0.19.
Investors also received warrants for 4,343,725 common shares. The warrants are each exercisable at $0.10 for one year. The strike price is also a 47.37% discount to the Dec. 31 closing share price.
Proceeds will be used for general corporate purposes and working capital.
The Santa Barbara, Calif., company develops and commercializes energy efficiency technologies.
| Issuer: | QS Energy, Inc.
|
| Issue: | Convertible promissory note
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| Amount: | $868,745
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| Maturity: | One year
|
| Coupon: | 0%
|
| Price: | $789,768
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| Conversion price: | $0.10
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| Warrants: | For 4,343,725 shares
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| Warrant expiration: | One year
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| Warrant strike price: | $0.10
|
| Fees: | $10,000
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| Settlement dates: | Jan. 1 through April 20
|
| Stock symbol: | OTCBB: QSEP
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| Stock price: | $0.19 at close Dec. 31
|
| Market capitalization: | $22.37 million
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