By Devika Patel
Knoxville, Tenn., Feb. 27 - EPOD International Inc. said its successor company, EPOD Solar, completed a $5 million pre-IPO private placement of units.
Each $1,000 unit consisted of $1,000 principal amount of debentures and 667 one-year warrants.
The debentures have a three-year term, bear interest at 12% per annum and are convertible into common shares at $1.50 if EPOD Solar completes an IPO by May 12, 2009 or the lesser of $1.20 and a 10% discount to the last private placement price if an IPO is not completed.
The debentures are also subject to a 10% penalty if an IPO is not completed by May 12, 2009.
The warrants are exercisable at $3.00.
Reno, Nev.-based EPOD provides grid-integrated, eco-power utility and electric power systems.
Issuer: | EPOD Solar
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Issue: | Units of $1,000 in debentures and 667 warrants
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Amount: | $5 million
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Units: | 5,000
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Price: | $1,000
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Warrants: | 667 warrants per unit
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Warrant expiration: | One year
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Warrant strike price: | $3.00
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Pricing date: | Feb. 27
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