By Sheri Kasprzak
New York, May 30 - Millennium Cell Inc. concluded a $1.25 million private placement of series B-1 convertible preferreds.
The Dow Chemical Co. purchased 71,429 shares of the preferreds at $17.50 each.
The preferreds are convertible into a total of 714,290 common shares and pay annual dividends at 6%.
The investors also received warrants for 178,571 shares, exercisable at $2.10 each, and 138,150 shares of series A2-1 preferred stock, convertible into a total of 1,381,500 common shares.
The shares of preferred stock were issued as an option upon the completion of the first milestone with Dow as part of a joint development agreement the two entered into in February 2005. The two companies will jointly develop Millennium's hydrogen-on-demand technology coupled with a fuel cell.
Located in Eatontown, N.J., Millennium Cell develops hydrogen battery technology through a chemical process that stores and delivers hydrogen energy to power portable devices.
Issuer: | Millennium Cell Inc.
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Issue: | Series B-1 convertible preferreds
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Amount: | $1.25 million
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Shares: | 71,429
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Price: | $17.50
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Dividends: | 6%
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Conversion ratio: | Into 714,290 common shares
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Warrants: | For 178,571 shares
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Warrant strike price: | $2.10
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Investor: | The Dow Chemical Co.
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Settlement date: | May 30
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Stock symbol: | Nasdaq: MCEL
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Stock price: | $1.5583 at close May 30
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