Offering sells 10% notes with five-year warrants for 17,391,304 shares
By Devika Patel
Knoxville, Tenn., Sept. 18 – Ecosphere Technologies, Inc. sold a $1 million convertible promissory note to Brisben Water Solutions, LLC on Sept. 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% notes mature in one year and are convertible into common stock at $0.115 per share, which is a 4.55% premium to the closing share price on Sept. 12, $0.111.
In addition, Brisben received five-year warrants for 17,391,304 common shares. The warrants are each exercisable at $0.115, which is also 4.55% premium to the Sept. 14 closing share price.
Ecosphere also said it negotiated a $1 million one-year bridge loan with a large non-affiliated shareholder.
Based in Stuart, Fla., Ecosphere develops products to decrease the emissions of contaminated residue into the air, ocean and other water systems.
| Issuer: | Ecosphere Technologies, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $1 million
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| Maturity: | One year
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| Coupon: | 10%
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| Conversion price: | $0.115
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| Conversion premium: | 4.55%
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| Warrants: | For 17,391,304 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.115
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| Investor: | Brisben Water Solutions, LLC
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| Announcement date: | Sept. 18
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| Settlement date: | Sept. 15
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| Stock symbol: | OTCBB: ESPH
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| Stock price: | $0.11 at close Sept. 12
|
| Market capitalization: | $16.25 million
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