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GRH > SEC Filings for GRH > Form 8-K on 6-Mar-2014All 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 February 28, 2014, the Company closed a private placement (the "Offering") consisting of $1,085,000 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 96,444 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 Company anticipates it will close an additional $50,000 principal amount of the Notes together with an additional 4,444 Warrants on Friday, March 7, 2014. Therefore, the entire amount raised for this offering will be $1,135,000 and the Company will issue 100,888 Warrants.

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 February 28, 2014

10.1         Form of Note between the Company and purchasers of securities dated
             February 28, 2014

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