Three-year financing negotiated with investor Centurion Private Equity
By Devika Patel
Knoxville, Tenn., Aug. 22 - Blue Sphere Corp. arranged a $20 million three-year equity funding facility with Centurion Private Equity, LLC on Aug. 17, according to an 8-K filed Monday with the Securities and Exchange Commission
The shares will be sold at a price equal to 98% of the average of the three lowest daily volume-weighted average prices of the stock during the 15-trading-day pricing period following a put notice or the lowest daily volume-weighted average price of the stock during the 15-trading-day period immediately following a put notice minus $0.01, whichever is lower.
The company may draw the funds in tranches of up to $750,000, provided that the number of shares sold in each put may not exceed 15% of the aggregate trading volume of the stock during any pricing period.
The investor also received 159,066 shares as a document preparation fee and 2,385,989 shares as a commitment fee.
Proceeds will be used to develop and expand the company's business.
Based in London, Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production.
| Issuer: | Blue Sphere Corp.
|
| Issue: | Equity funding facility
|
| Amount: | $20 million
|
| Tenor: | Three years
|
| Price: | 2% discount
|
| Warrants: | No
|
| Investor: | Centurion Private Equity, LLC
|
| Fees: | 2,545,055 shares
|
| Agreement date: | Aug. 17
|
| Stock symbol: | OTCBB: BLSP
|
| Stock price: | $0.13 at close Aug. 17
|
| Market capitalization: | $10.92 million
|
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