Company offers share, half-share two-year warrants at C$0.14 per unit
By Devika Patel
Knoxville, Tenn., March 17 - Sustainable Energy Technologies Ltd. said it has arranged a private placement of units. The deal will raise C$2 million.
The company will sell units of one common share and one half-share warrant at C$0.14 apiece. Each full two-year warrant will be exercisable at C$0.20. The strike price reflects a 14.29% premium to the March 16 share price of C$0.175.
Proceeds will supplement a bank operating line, which was secured in part by a C$1.5 million standby equity agreement with the company's largest shareholder.
Sustainable Energy is a Calgary, Alta.-based manufacturer of power inverters for the renewable energy industry.
| Issuer: | Sustainable Energy Technologies Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Price: | C$0.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration | Two years
|
| Warrant strike price: | C$0.20
|
| Pricing date: | March 17
|
| Stock symbol: | TSX Venture: STG
|
| Stock price: | C$0.175 at close March 16
|
| Market capitalization: | C$28.21 million
|
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