Greenway Technologies, Inc. announced that it has received $0.118 million in funding from PowerUp Lending Group, Ltd.
January 23, 2020
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Greenway Technologies, Inc. (OTCPK:GWTI) announced that it has entered into a securities purchase agreement for a private placement of convertible promissory note for gross proceeds of $118,000 on January 24, 2020. The transaction will include participation from returning investor, PowerUp Lending Group, Ltd. The minimum investment amount is $1,000. The note carries a fixed coupon of 10% per annum and would mature on January 24, 2021. The note is convertible into common shares, and have par value $0.0001 per share. The company will issue the note at par. The note is redeemable. The company may prepay, during the initial 60 day period after the issuance of this note, by making a payment to the holder of an amount in cash equal to 120% multiplied the amount that the borrower is prepaying, during the period beginning on the date which is 61 days following the issue date and ending on the date which is 120 days following the issue date at 125%, during the period beginning on the date which is 121 days following the issue date and ending on the date which is 180 days following the issue date at 135%. After 180 days, the borrower shall have no right of prepayment. The company issued the securities pursuant to exemptions provided under Regulation D.
Greenway Technologies, Inc. is engaged in the research and development of gas-to-liquids (GTL) synthesis gas (syngas) conversion systems and micro- plants that can meet specific gas field production requirements. Its technology G-Reformer unit (G-Reformer), a component used to convert natural gas into Syngas, when combined with a Fischer-Tropsch (FT) reactor and catalyst, produces fuels including gasoline, diesel, jet fuel and methanol. Its G-Reformer units can be deployed to process a range of natural gas streams, including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane and/or biomass gas. Its technology also allows the extraction of high-value chemicals and alcohols, including n-Hexane, n-Heptane, n-Octane, n-Decane, n-Dodecane, n-Tridecane, ethanol and methanol. It also has approximately 1,440 acres of placer mining claims located on Bureau of Land Management (BLM) land in Mohave County, Arizona. Its wholly owned subsidiary is Greenway Innovative Energy, Inc.