By Laura Lutz
Des Moines, Dec. 13 - Open Energy Corp. raised $1 million from an additional tranche of its private placement of convertible notes and warrants, increasing the total deal size to $21 million, according to an 8-K filing with the Securities and Exchange Commission.
As previously reported, Open Energy sold $20 million of the notes on Sept. 19.
The notes mature in three years and bear interest at 6% per year. They are convertible into common stock at $0.50 per share.
Interest is payable quarterly.
The investor received warrants for 42 million common shares, including warrants for 2 million shares that were issued in the second tranche.
The warrants are exercisable at $0.506 per share for seven years.
Knight Capital Markets, LLC acted as placement agent.
Open Energy is a renewable energy company based in Solana Beach, Calif.
| Issuer: | Open Energy Corp.
|
| Issue: | Convertible notes
|
| Amount: | $21 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.50
|
| Warrants: | For 42,000,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.506
|
| Agent: | Knight Capital Markets, LLC
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 19 (for $20 million); Dec. 7 (for $1 million)
|
| Stock symbol: | OTCBB: OEGY
|
| Stock price: | $0.50 at close Sept. 21; $0.39 at close Dec. 7
|
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