New Issue: Global Energy raises $500,000 from planned $4 million placement

By Sheri Kasprzak

New York, July 12 - Global Energy, Inc. completed a $500,000 tranche of its planned $4 million private placement of secured convertible debentures.

The 5% debentures are due July 6, 2010 and are convertible into common shares at $2.20 each.

The investors will receive warrants for 300,000 shares, exercisable at $2.35 each for five years and 300,000 shares, exercisable at $2.50 each for five years.

New York-based Global Energy develops alternative energy technologies.

Issuer:	Global Energy, Inc.
Issue:	Secured convertible debentures
Amount:	$500,000
Maturity:	July 6, 2010
Coupon:	5%
Price:	Par
Yield:	5%
Conversion price:	$2.20
Warrants:	For 600,000 shares
Warrant expiration:	Five years
Warrant strike price:	$2.35 for 300,000 shares; $2.50 for 300,000 shares
Settlement date:	July 10
Stock symbol:	OTCBB: GEYI
Stock price:	$2.05 at close July 10

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