By Devika Patel
Knoxville, Tenn., Oct. 22 - Evergreen Energy Inc. settled a $6.97 million private placement of series B convertible preferred stock on Oct. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The preferreds are convertible into common stock at an initial conversion price of $0.6025 and will pay cumulative dividends at the rate of 5.66%.
Investors also received warrants for 5,787,037 common shares, which are exercisable at $0.648 for five years.
Rodman & Renshaw, LLC was the agent.
Proceeds will be used for general corporate purposes.
Evergreen Energy, based in Denver, refines coal into a cleaner solid fuel.
| Issuer: | Evergreen Energy Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $6,973,380
|
| Dividends: | 5.66%
|
| Conversion price: | $0.6025
|
| Warrants: | For 5,787,037 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.648
|
| Agent: | Rodman & Renshaw, LLC
|
| Settlement date: | Oct. 21
|
| Stock symbol: | NYSE: EEE
|
| Stock price: | $0.56 at close Oct. 21
|
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