Company offers up to $5 million of 10% promissory notes to investors
By Devika Patel
Knoxville, Tenn., July 1 - Environmental Solutions Worldwide, Inc. settled a $2 million third and final tranche of a $5 million private placement of 10% senior secured convertible promissory notes on June 27, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $1.4 million on March 22 and $1.6 million on April 23.
The note is convertible into common shares at $0.04 per share, which represents a 100% premium to $0.02, the March 21 closing share price.
Black Family Partners LP, John J. Hannan, Orchard Investments, LLC and Richard Ressler are the investors.
Proceeds will be used for working capital, planned capital investments and other general corporate purposes.
Based in Montgomeryville, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.
| Issuer: | Environmental Solutions Worldwide, Inc.
|
| Issue: | Senior secured convertible promissory notes
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| Amount: | $5 million
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| Coupon: | 10%
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| Conversion price: | $0.04
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| Warrants: | No
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| Investors: | Black Family Partners LP, John J. Hannan, Orchard Investments, LLC and Richard Ressler
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| Settlement dates: | March 22 (for $1.4 million), April 23 (for $1.6 million), June 27 (for $2 million)
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| Stock symbol: | OTCBB: ESWW
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| Stock price: | $0.02 at close March 21
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