By Sheri Kasprzak
New York, May 29 - Lime Energy Co. completed a $3 million private placement of convertible notes with its chairman, Richard Kiphart.
The investor purchased a 10% subordinated term note with a three-year term. The note is convertible into common shares at $1.00 each.
Kiphart also received warrants for 865,385 shares, exercisable at $1.04 each for four years.
Proceeds will be used for customer financing for one of the company's subsidiaries, as well as for potential acquisitions.
Based in Elk Grove Village, Ill., Lime Energy is an energy technology and engineering company.
| Issuer: | Lime Energy Co.
|
| Issue: | Subordinated convertible term note
|
| Amount: | $3 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | For 865,385 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.04
|
| Investor: | Richard Kiphart
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: LMEC
|
| Stock price: | $1.13 at close May 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
