Pryor Cashman Represents PayGo Energy in Series Seed Financing
Pryor Cashman represented PayGo Energy, Inc. in connection with the private placement of approximately $1.1 million of Series Seed Convertible Preferred Stock to institutional accredited investors that are focused on making investments in entrepreneurial ventures in Africa that promise to provide long-term social impact. The offering closed on April 13, 2017.
Founded in early 2016 and based in Nairobi, Kenya, PayGo Energy seeks to provide clean and affordable gas on a pay-as-you-go basis to the 2.9 billion people worldwide who lack access to clean cooking fuel, with an initial focus on East Africa. Its micro-payment structure critically aligns with existing consumer spending habits to overcome current cost barriers and enable access to a stable supply of cooking gas.
Simultaneously with the closing of the financing, $150,000 of convertible promissory notes that were previously issued by PayGo Energy converted into Series Seed Preferred Stock, and PayGo Energy issued a warrant to purchase shares of Series Seed Preferred Stock to an existing institutional lender.
The Pryor Cashman Team
Counsel Michael T. Campoli, a member of Pryor Cashman’s Corporate Group (pictured above, left, with PayGo Energy President Nick Quintong and Pryor Cashman Banking Chair Lawrence Remmel), has represented PayGo Energy in connection with all corporate matters since inception, including the issuance of the convertible promissory notes, the negotiation of its existing loan facility and the recent Series Seed financing transaction.
