By Sheri Kasprzak
New York, June 23 - Alternative Energy Sources, Inc. settled an oversubscribed private placement for $12 million.
The company issued 12 million units of one share and one warrant in the offering.
The warrants are exercisable at $2.00 each for five years.
The deal priced on June 1 for up to $10 million and at least $5 million.
The placement was conducted as part of Alternative's merger with Beemer Energy, Inc.
Under the terms of the merger, Alternative will acquire all of the outstanding shares of Beemer and Beemer will become a subsidiary of Alternative.
Holders of Beemer's stock will receive 20.9 million shares of Alternative.
The proceeds from the placement will be used to pay for the acquisition.
Based in Vancouver, B.C., Alternative develops alternative sources of energy.
| Issuer: | Alternative Energy Sources, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $12 million
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| Units: | 12 million
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| Price: | $1.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Pricing date: | June 1
|
| Settlement date: | June 23
|
| Stock symbol: | OTCBB: AENS
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| Stock price: | $2.50 at close June 23
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