By Sheri Kasprzak
Atlanta, May 4 - Electric City Corp. said it has closed a private placement for $5,625,000.
The company sold 6.25 million units at $0.90 each to four investors.
The units are comprised of one share and one half-share warrant. The whole warrants provide for an additional share at $1.05 each for three years.
The company used $1.64 million of the proceeds from the private placement to close its acquisition of Maximum Performance Group, a web-based real-time energy asset management provider.
Electric City, based in Elk Grove Village, Ill., manufactures energy-saving technologies and automation systems.
| Issuer: | Electric City Corp.
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| Issue: | Unit of one share and one half-share warrant
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| Amount: | $5,625,000
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| Units: | 6.25 million
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| Price: | $0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.05
|
| Settlement date: | May 4
|
| Stock price: | $0.96 at close May 3
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