By Sheri Kasprzak
New York, June 7 - Aquacell Technologies, Inc. completed a private placement of convertible promissory notes for $4 million.
The notes are convertible into common shares at $0.20 each. Neither the coupon nor the maturity of the notes could be determined Thursday.
The investors also received warrants for 2 million shares, exercisable at $0.50 each.
Aquacell, based in Rancho Cucamonga, Calif., develops water filtration and purification systems used by municipalities.
| Issuer: | Aquacell Technologies, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $4 million
|
| Conversion price: | $0.20
|
| Warrants: | For 2 million shares
|
| Warrant strike price: | $0.50
|
| Settlement date: | June 7
|
| Stock symbol: | Pink Sheets: AQUA
|
| Stock price: | $0.52 at close June 7
|
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