Proceeds earmarked for development, installation of energy systems
By Devika Patel
Knoxville, Tenn., Dec. 9 - American DG Energy Inc. said it will conduct a registered direct offering of shares. It plans to raise $1.25 million.
The company will sell 500,000 common shares at $2.50 per share. The price per share represents a 20.89% discount to the Dec. 8 closing share price of $3.16.
Investors also will receive warrants for 500,000 common shares. The warrants are exercisable at $3.25 for five years. The strike price reflects a 2.85% premium to the Dec. 8 closing share price.
Canaccord Genuity Inc. is the agent.
Settlement is expected Dec. 14.
Proceeds will be used for working capital purposes in connection with the development and installation of energy systems and for general corporate purposes, which may include acquisitions.
Based in Waltham, Mass., American DG Energy distributes and operates clean, onsite energy systems that produce electricity, hot water, heat and cooling.
| Issuer: | American DG Energy Inc.
|
| Issue: | Common shares
|
| Amount: | $1.25 million
|
| Shares: | 500,000
|
| Price: | $2.50
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.25
|
| Agent: | Canaccord Genuity Inc.
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Stock symbol: | NYSE Amex: ADGE
|
| Stock price: | $3.16 at close Dec. 8
|
| Market capitalization: | $135.29 million
|
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