ABCO Energy, Inc. announced that it has received $0.184 million in funding from Oasis Capital, LLC
January 20, 2020
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ABCO Energy, Inc. (OTCPK:ABCE) announced that it has entered into a securities purchase agreement for a private placement of convertible promissory note with returning investor Oasis Capital, LLC for a gross proceeds of $184,000 on January 21, 2020. The company will issue convertible notes of principal amount of $208,000 at a discount of $16,000 and expenses of $8,000. The note shall bear a coupon rate of 8% per annum. The company will receive funding in two further tranches, which are expected to occur each on February 1, 2020 and March 1, 2020. The second tranche shall have a purchase price of $70,000.00 and comprise $76,087 of the note and the third tranche shall have a purchase price of $80,000.00 and comprise $86,956 of the note. The maturity date for each tranche shall be nine months from the effective date of each payment. The note becomes convertible into common stock six months after the effective date at a 35% discount to market. The company also agreed to issue to the investor 5,000,000 shares of common stock as an incentive/commitment fee in connection with the transactions. The promissory notes shall be converted into common shares at a conversion price of lesser of $0.005, and 65% multiplied by the lowest trading price during the thirty trading day period ending, in holders’ sole discretion on each conversion, on either the last complete trading day prior to the conversion date or on the conversion date.
On the same date, ABCO Energy, Inc. (OTCPK:ABCE) has closed the transaction. The company has received $34,000, having a principal amount of $44,757.
ABCO Energy, Inc. is in the photo voltaic (PV) solar systems industry, the light-emitting diode (LED) and energy efficient lighting business, is an air conditioning system contractor (HVAC) and is an electrical product and services supplier. The Company sells and installs Solar Photovoltaic electric systems that allow the customer to produce their own power on their residence or business property. These products are installed by its crews and are purchased from both the USA and offshore manufacturers. It also sells and installs energy efficient lighting products, solar powered streetlights, and lighting accessories. It contracts directly with manufacturers to purchase its lighting products which are sold to residential and commercial customers. Its solar offers solar systems operations and maintenance services to residential and commercial customers that have solar systems built by it or other solar installers. It operates and maintains systems in many cities in Arizona.