SAN DIEGO, Jan. 16, 2015 /PRNewswire/ -- OneRoof Energy Group, Inc. (TSXV:ON) today announced the status of its agreement with certain investors for the private placement financing of convertible notes totaling $15.0 million. As previously announced on November 24, 2014, OneRoof Energy and Black Coral Capital LLC entered into a non-binding term sheet designed to provide the Company with $15.0 million in capital in the form of secured convertible promissory notes.
Specifically, the investors in the convertible notes financing will include Black Coral Capital LLC and Spindrift Equities, LLC, existing investors in the Company, as well as certain other unaffiliated investors. The convertible notes will have a conversion price equal to $0.71 per common share, the closing price of the Company's common shares on the TSX Venture Exchange on January 15, 2015, and will not reflect a discount to market, as previously announced. The convertible notes mature 15 months from issuance and are secured by the Company's assets on a pari passu basis with the Company's existing secured promissory notes.
The proceeds of the convertible notes financing is anticipated to be used for repayment of existing debt and related interest of approximately $7.5 million, as well as general working capital purposes, including general and administrative, IT development and investment in solar projects. The closing of the convertible notes financing is subject to approval by the TSX Venture Exchange and the execution of final documentation.
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in five states including Arizona, California, Hawaii, Massachusetts and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
Investor Relations Contacts: Dan Halvorson Executive Vice President & CFO OneRoof Energy Group, Inc. 858-926-7660 (Direct) [email protected]
Karen Fisher Vice President, Investor Relations & Compliance OneRoof Energy Group, Inc. 858-926-7541 (direct) [email protected]