Wednesday 26th November 2014
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Energy Mad, the energy efficient lightbulb marketer, secured $284,000 in funding from shareholder Superlife to help support its local and overseas growth plans.
The Christchurch based company has fully drawn down the funding, which was via a three year convertible note, with an option to extend it for a year, Energy Mad said in a statement. The note attracts annual interest of 13.5 percent, and if Superlife decides to convert the debt to ordinary shares, it will be the lower of either 13 cents apiece, or the average price over five days prior to conversion.
Fund manager Superlife has built up a 19.4 percent stake in Energy Mad since injecting $1 million into the company in late 2012. If it converted the notes to shares at 13 cents apiece, that would lift Superlife's stake in the company to about 23 percent.
Shares of Energy Mad were unchanged at 20 cents, and have dropped 17 percent this year.
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