Financing offers 8% one-year notes to single investor Kahuku Ventures
By Devika Patel
Knoxville, Tenn., May 1 – Energy Telecom, Inc. sold a $30,000 convertible note to Kahuku Ventures LLC in a private placement on April 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% one-year note is convertible into common shares at a price equal to 61% of the average of the three lowest closing bid prices of the stock during the 10 trading days preceding the conversion date. The note may be prepaid at prices ranging from 115 to 140.
Energy Telecom is an intellectual property management company and project coordinator based in St. Augustine, Fla.
| Issuer: | Energy Telecom, Inc.
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| Issue: | Convertible note
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| Amount: | $30,000
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| Maturity: | One year
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| Coupon: | 8%
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| Conversion price: | 61% of the average of the three lowest closing bid prices of the stock during the 10 trading days preceding conversion
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| Call: | At 115 to 140
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| Warrants: | No
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| Investor: | Kahuku Ventures LLC
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| Settlement date: | April 28
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| Stock symbol: | OTCBB: ENRG
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| Stock price: | $0.14 at close April 27
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| Market capitalization: | $1.52 million
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