Coates International, Ltd. announced that it expects to receive $0.07 million in funding from APG CAPITAL HOLDINGS, LLC
May 03, 2017
Share
Coates International, Ltd. (OTCPK:COTE) announced that it has entered into security purchase agreement of a 10% convertible promissory note and a 10% collateralized convertible promissory note at a price of $33,000 each for the gross proceeds of $66,000 with new investor APG Capital Holdings, LLC on May 4, 2017. The notes carry interest rate of 10% per annum. The notes are convertible into common shares of the company and will mature on May 4, 2018. The company paid legal fees of $2,000.
On the same day, the company issued a 10% convertible promissory note for the gross proceeds of $33,000 in the first tranche.
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. 
