11% debentures sold with warrants for 8 million shares through Maxim
By Devika Patel
Knoxville, Tenn., Dec. 28 – Blue Sphere Corp. sold $3 million of 11% senior debentures in a private placement on Dec. 23, according to an 8-K filed Monday with the Securities and Exchange Commission. Maxim Group LLC was the agent.
The debentures are due in two years.
Investors also received five years warrants for 8 million common shares. Of the warrants, half are each exercisable at $0.05, a 66.67% premium to the Dec. 22 closing price of $0.03, with the remaining half each exercisable at $0.075, a 150% premium to the Dec. 22 closing price.
Even Yehuda, Israel-based Blue Sphere is a project integrator for greenhouse gas emission reduction and renewable energy production.
| Issuer: | Blue Sphere Corp.
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| Issue: | Senior debentures
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| Amount: | $3 million
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| Maturity: | Two years
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| Coupon: | 11%
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| Warrants: | For 8 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.05, $0.075
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| Agent: | Maxim Group LLC
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| Settlement date: | Dec. 23
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| Stock symbol: | OTCBB: BLSP
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| Stock price: | $0.03 at close Dec. 22
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| Market capitalization: | $4.51 million
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