OneRoof Energy Group, Inc. (TSXV:ON) announced a private placement of secured convertible notes for gross proceeds of $1,000,000 on January 29, 2016. The notes are convertible into common shares of the company at a conversion price of CAD 0.055 ($0.07743) per share for the first year after the closing and at a conversion price of CAD 0.10 ($0.14) per share for the remainder of the term of the notes. The notes will be secured by the assets of the company that are not otherwise pledged under project financings.

The transaction will include participation from existing investor Spindrift Equities LLC. All securities issued pursuant to the transaction are subject to a statutory hold period of four months pursuant to Canadian securities laws. The completion of the transaction remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The conversion was made through www.oanda.com on January 29, 2016.