Company sells 8% notes due 2016 along with five-year warrants
By Toni Weeks
San Luis Obispo, Calif., March 19 - Andalay Solar, Inc. settled a $300,000 private placement of 8% convertible notes on March 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on March 18, 2016 and is convertible at $0.02 per common share, which is a 30.8% discount to the March 17 closing share price of $0.0289. It may be prepaid at 120.
The investor also received warrants for 7.5 million shares. Each warrant is exercisable at $0.02 for five years. The strike price is also a 30.8% discount to the March 17 closing share price.
The designer and manufacturer of solar power systems and solar panels is based in Campbell, Calif.
| Issuer: | Andalay Solar, Inc.
|
| Issue: | Convertible note
|
| Amount: | $300,000
|
| Maturity: | March 18, 2016
|
| Coupon: | 8%
|
| Conversion price: | $0.02
|
| Call: | At 120
|
| Warrants: | For 7.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.02
|
| Settlement date: | March 18
|
| Stock symbol: | OTCBB: WEST
|
| Stock price: | $0.0289 at close March 17
|
| Market capitalization: | $4.37 million
|
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