Offer sells 2,066,668 units with five-year warrants at $0.45 per unit
By Devika Patel
Knoxville, Tenn., Feb. 10 - HPEV, Inc. completed a $930,000 private placement of units on Feb. 5, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 2,066,668 units of one common share and one warrant at $0.45 per unit. The warrants are each exercisable at $0.60 for five years. The strike price is a 1.7% premium to the Feb. 4 closing share price of $0.59.
Proceeds will be used for general corporate purposes.
Based in Wesley Chapel, Fla., HPEV is an intellectual property and product development company.
| Issuer: | HPEV, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $930,000
|
| Units: | 2,066,668
|
| Price: | $0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Feb. 5
|
| Stock symbol: | OTCBB: WARM
|
| Stock price: | $0.59 at close Feb. 4
|
| Market capitalization: | $30.19 million
|
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