By Sheri Kasprzak
New York, July 5 - Electric City Corp. wrapped a private placement for $17,875,000.
The company issued 17,875,000 shares at $1.00 each.
Electric City purchased Parke Industries, an energy services provider based in Glendora, Calif., for $3 million in cash and 5 million in stock and also converted all of its outstanding series E convertible preferreds into 21,648,346 common shares.
Also, the company retired all of its outstanding debt held by Laurus Master Fund Ltd. and converted $1,343,461 of the debt into common stock at $1.00 each.
Based in Elk Grove Village, Ill., Electric City develops technologies to reduce energy consumption.
| Issuer: | Electric City Corp.
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| Issue: | Stock
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| Amount: | $17,875,000
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| Shares: | 17,875,000
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| Price: | $1.00
|
| Warrants: | No
|
| Settlement date: | July 5
|
| Stock symbol: | OTCBB: ELCY
|
| Stock price: | $1.10 at close July 3
|
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