By Sheri Kasprzak
New York, Oct. 24 - Environmental Power Corp. is gearing up to conclude a $15 million private placement of 9% series A cumulative convertible preferred stock.
The preferreds, purchased by a group of institutional investors, are convertible into common shares on the basis of one preferred into 10 common shares.
The preferreds will be sold in 281,241 units of one preferred and warrants for five common shares at $53.335 per unit.
Each warrant is exercisable at $5.522 each for five years.
The deal is set to close within 30 days.
Proceeds will be used for the construction of renewable energy facilities under development by subsidiaries Microgy, Inc. and Microgy Holdings, LLC. The remainder will be used for general corporate purposes.
Located in Portsmouth, N.H., Environmental Power develops and operates renewable energy production facilities.
| Issuer: | Environmental Power Corp.
|
| Issue: | Units of one share of series A cumulative convertible preferred stock and five warrants
|
| Amount: | $15 million
|
| Units: | 281,241
|
| Price: | $53.335
|
| Dividends: | 9%
|
| Conversion ratio: | Each preferred into 10 common shares
|
| Warrants: | Five warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.522
|
| Announcement date: | Oct. 24
|
| Stock symbol: | Amex: EPG
|
| Stock price: | $5.08 at close Oct. 23
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
