By Sheri Kasprzak
New York, Feb. 27 - U.S. Energy Systems, Inc. closed a $6.4 million private placement of stock with a group of institutional and accredited investors.
The company sold 1.28 million shares at $5.00 each to Nakash Energy, LLC; Brimco Partners I, LLC; Leonard Pearlman; Andrew Pearlman; Glenn Kunofsky; LDPCorp Profitsharing P&T; Kingsbridge Associates; JAG Multi Investments, LLC; and Philip Sassower 1996 Charitable Remainder Annuity Trust.
The investors received warrants for 652,000 shares, exercisable at $0.01 each for five years.
Proceeds will be used for debt repayment connected to the acquisition of the company's U.K. assets. The rest will be used for 3-D seismic mapping and exploration on the company's U.K. gas fields.
New York-based U.S. Energy Systems acquires and operates clean energy projects in the United States and the United Kingdom.
| Issuer: | U.S Energy Systems, Inc.
|
| Issue: | Stock
|
| Amount: | $6.4 million
|
| Shares: | 1.28 million
|
| Price: | $5.00
|
| Warrants: | For 652,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Investors: | Nakash Energy, LLC; Brimco Partners I, LLC; Leonard Pearlman; Andrew Pearlman; Glenn Kunofsky; LDPCorp Profitsharing P&T; Kingsbridge Associates; JAG Multi Investments, LLC; and Philip Sassower 1996 Charitable Remainder Annuity Trust
|
| Settlement date: | Feb. 21
|
| Stock symbol: | Nasdaq: USEY
|
| Stock price: | $5.84 at close Feb. 21
|
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