By Devika Patel
Knoxville, Tenn., July 7 - Composite Technology Corp. settled a $5 million private placement of a 10% senior secured promissory note with Northlight Financial LLC on June 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on Dec. 30, 2009.
The investor also received warrants for 4 million shares, which are exercisable at $0.25 for three years.
Based in Irvine, Calif., Composite Technology manufactures high-performance electrical transmission and renewable energy generation products.
| Issuer: | Composite Technology Corp.
|
| Issue: | Senior secured promissory note
|
| Amount: | $5 million
|
| Maturity: | Dec. 30, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 4 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25
|
| Investor: | Northlight Financial LLC
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: CPTC
|
| Stock price: | $0.30 at close June 30
|
| Market capitalization: | $79.2 million
|
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