By Sheri Kasprzak
New York, Feb. 6 - ECO2 Plastics, formerly ITEC Environmental Group, Inc., settled a $13 million private placement of convertible debentures.
The debentures were sold in 520 units at $25,000 each to a group of investors that included Roaring Fork Capital SBIC, LP and high net-worth individual investors introduced by KW Securities Corp.
The units consisted of $25,000 in junior secured subordinated convertible debentures and warrants for 75,000 common shares.
The 10% debentures are due in 18 months and are convertible into common shares at $0.0975 each.
The warrants are exercisable for 10 years at $0.06 each.
Based in Riverbank, Calif., ITEC is moving into the business of cleaning recyclable plastic products without water and distributing the cleaned products.
| Issuer: | ECO2 Plastics
|
| Issue: | Units of $25,000 in principal of junior secured subordinated convertible debentures and warrants for 75,000 shares
|
| Amount: | $13 million
|
| Units: | 520
|
| Price: | $25,000
|
| Maturity: | 18 months
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.0975
|
| Warrants: | For 75,000 shares per unit
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.06
|
| Investors: | Roaring Fork Capital SBIC, LP, individuals introduced by KW Securities Corp.
|
| Settlement date: | Feb. 1
|
| Stock symbol: | OTCBB: ITEC
|
| Stock price: | $0.28 at close Feb. 1
|
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