By Laura Lutz
Pittsburgh, Jan. 24 - Environmental Clean Technologies Ltd. completed a A$2 million private placement of convertible notes.
The 7.5% notes will be convertible at A$0.30 per share at any time more than one year after settlement.
The notes were sold to an existing shareholder who sold 9,090,090 shares of the company at A$0.21 each to fund the purchase.
Proceeds will be used for working capital.
Environmental Clean is a clean-coal technology company based in South Melbourne, Australia.
| Issuer: | Environmental Clean Technologies Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$2 million
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | A$0.30
|
| Settlement date: | Jan. 24
|
| Stock symbol: | Australia: ESI
|
| Stock price: | A$0.235 at close Jan. 24
|
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