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GRH > SEC Filings for GRH > Form 8-K on 19-Nov-2013All Recent SEC Filings

Show all filings for GREENHUNTER RESOURCES, INC.



Creation of a Direct Financial Obligation or an Obligation under an O

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 15, 2013, the Company closed a private placement (the "Offering") consisting of $1,460,000 aggregate principal amount of the Company's 15.0% Term Notes due one year from the date of issuance (the "Notes") together with Warrants (the "Warrants") to purchase up to 129,777 shares of the Company's common stock, par value $0.001 per share ("Common Stock"). Each Warrant entitles the holder to purchase one share of Common Stock at a price of $2.25 per share. These Warrants have an expiration date five years from the date of issuance.

The Notes will be senior unsecured obligations of the Company and each Note will rank equally in right of payment to all of the Company's existing and future senior debt and senior in right of payment to all of its existing and future subordinated debt. The Company will pay accrued but unpaid interest on the Notes monthly on the first of each month of the term of the Notes. In addition, the Company may prepay the Notes in whole or in part at any time.

Northland Securities, Inc. acted as the placement agent for the offering.

The Company completed the transaction in reliance upon the exemption from securities registration afforded by Section 4(2) of the Securities Act of 1933, as amended (the "1933 Act"), and Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission under the 1933 Act.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Number                                   Exhibit Title

4.01         Form of Warrant between the Company and purchasers of securities,
             dated November 14, 2013

10.1         Form of Note between the Company and Purchasers of Securities dated
             November 14, 2013

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