By Devika Patel
Knoxville, Tenn., Sept. 16 - Entech Solar Inc. completed a $2 million private placement of an 8% convertible promissory note with the Quercus Trust on Sept. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on Jan. 1, 2010.
The company has the option to repay the note at maturity in stock. The number of shares would be determined using a price equal to 90% of the five-day weighted average price of Entech common stock as of Dec. 31.
Proceeds will be used for working capital purposes.
The Fort Worth company designs, manufactures and installs solar energy systems that provide electricity and thermal energy in commercial and industrial applications.
| Issuer: | Entech Solar Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $2 million
|
| Maturity: | Jan. 1, 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Warrants: | No
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| Investor: | The Quercus Trust
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| Settlement date: | Sept. 10
|
| Stock symbol: | OTCBB: ENSL
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| Stock price: | $0.17 at close Sept. 10
|
| Market capitalization: | $44.3 million
|
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