Phoenix-based NACEL Energy Corp. has signed a definitive agreement with JMJ Financial that provides for an aggregate $4.3 million in capital funding. The funding will take place over a period of years and will support the continued development of NACEL's various wind energy projects located in Texas and Arizona, and other corporate requirements.
NACEL executed and delivered, pursuant to a private placement, a $300,000 convertible promissory note in exchange for JMJ Financial's execution and delivery of a $300,000 secured and collateralized promissory note to the company.
This is the first of a series of transactions between NACEL and the investor that may occur over the next several years and, if fully funded, could provide the company with an aggregated funding of up to $4.3 million.
SOURCE: NACEL Energy Corp. Â