Coates International, Ltd. announced that it has received $0.04 million in funding from GS Capital Partners LLC
February 14, 2018
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Coates International, Ltd. (OTCPK:COTE) announced that it has entered into a securities purchase agreement for private placement of a 8% convertible redeemable promissory note due February 15, 2019 for gross proceeds of $44,000 on February 15, 2018. The transaction included participation from returning investor GS Capital Partners LLC. 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 carries maturity date on February 15, 2019. The note is exchangeable in nature. The company issued note at par.
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. 
