Bantek, Inc. announced that it expects to receive $0.053 million in funding from PowerUp Lending Group, Ltd.
January 03, 2018
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Drone USA, Inc. (OTCPK:DRUS) announced that it has entered into a securities purchase agreement for private placement of a convertible note for gross proceeds of $53,000 on January 3, 2018. The transaction will include participation from PowerUp Lending Group, Ltd. The note may be prepaid at a premium ranging from 112% to 137% depending on the length of time following the date of the note. The Note is convertible after 180 days into shares company’s common stock at a discount of 35% of the average of the two lowest closing bid prices of company’s common stock 15 days prior to the date of conversion and the maximum number of shares issued to the investor may not exceed 4.99% of the issued and outstanding shares of the company common stock. The note is convertible into shares of common stock, $0.0001 par value per share, of the company, upon the terms and subject to the limitations and conditions set forth in such note. The note carries a fixed interest of 10% per annum and will mature on October 15, 2018. The note issued at par. The note was issued pursuant to exemption provided under rule 501(a) of Regulation D. The company expects to close the transaction on or about January 8, 2018.
Bantec, Inc. is a product and service company targeting the United States government, state governments, municipalities, hospitals, universities, manufacturers and other building owners. The Company provides product procurement, distribution, and logistics services through its wholly owned subsidiary, Howco Distributing Co. (Howco) to the United States department of defense and defense logistics agency. The Company, through Bantec Sanitizing, offers sanitizing products and equipment through its new store bantec.store. The Company sells drones and related products manufactured by third parties to various parties, primarily local government entities. Its drone programs constitute selling its customers drones, drone accessories, accident reconstruction software, drone training, drone services, counter-drone technology, certificates of authorization (COAs) and Waivers. The Company has operations based in Sparta, New Jersey and Vancouver, Washington.