Coates International, Ltd. announced that it expects to receive $0.05 million in funding
May 02, 2017
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Coates International Ltd. (OCTPK:COTE) announced that it has entered into a securities purchase agreement with accredited investor GS Capital Partners, LLC for private placement of a 8% convertible redeemable note due May 3, 2018 for gross proceeds of $45,000 on May 3, 2017. The note issued at par. The note carries a coupon of 8% per annum and will mature on May 3, 2018. The note is convertible into common stock of the company at the conversion price equal to 65% multiplied by the market price as defined, in whole, or in part, at any time beginning 180 days after the date of the note, at the option of the holder. The company has paid the legal fees of $2,250.
Coates International, Ltd. is engaged in developing the Coates Spherical Rotary Valve (CSRV) system technology, which is adaptable for use in piston-driven internal combustion engines of various types. The Company's CSRV Engines produce only ultra-low levels of harmful emissions while in operation. Engines operating on the CSRV system technology can be powered by a selection of fuels. The CSRV system is designed to replace the intake and exhaust conventional poppet valves used in almost all piston-driven stationary, automotive, motorcycle and marine engines. Unlike conventional valves, which protrude into the engine combustion chamber, the Coates rotary valve system utilizes spherical valves that rotate in a cavity formed between an over two-piece cylinder head. The Coates rotary valve system uses approximately 1/10th the moving parts of conventional poppet valve assemblies. The Company has adapted its technology to industrial engines to power electric generators.
COATES INTERNATIONAL, LTD. 
