Investor Richard Heddle gets five-year warrants for 1 million shares
By Devika Patel
Knoxville, Tenn., Aug. 30 - JBI, Inc. sold a $1 million secured promissory note to Richard Heddle on Aug. 29, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due on Aug. 31, 2018 and carries a 12% coupon. It may be prepaid.
Heddle also received five-year warrants for 1 million common shares, which are exercisable at $0.54, a 38.46% premium to the Aug. 28 closing share price of $0.39.
The clean energy company that recycles waste plastic into liquid fuels is based in Niagara Falls, N.Y.
| Issuer: | JBI, Inc.
|
| Issue: | Secured promissory note
|
| Amount: | $1 million
|
| Maturity: | Aug. 31, 2018
|
| Coupon: | 12%
|
| Call: | Yes
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.54
|
| Investor: | Richard Heddle
|
| Settlement date: | Aug. 29
|
| Stock symbol: | OTCBB: JBII
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| Stock price: | $0.39 at close Aug. 28
|
| Market capitalization: | $32.57 million
|
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