Coates International, Ltd. announced that it has received $0.03 million in funding from PowerUp Lending Group, Ltd.
March 04, 2018
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Coates International, Ltd. (OTCPK:COTE) announced that it has entered into a securities purchase agreement for the private placement of a 8% convertible redeemable promissory note for gross proceeds of $33,000 on March 5, 2018. The company issued the note at par to returning investor PowerUp Lending Group, Ltd. The note carries fixed interest rate of 8% per annum. The note is convertible into common shares of the company at a conversion price equal to 65% multiplied by the market price, in whole or in part, at any time beginning 180 days after the date of the note. The note may be prepaid in nature. The note will mature on on December 5, 2018. The company has issued securities pursuant to exemption provided under Regulation D.
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. 
