By Sheri Kasprzak
New York, April 5 - Open Energy Corp. closed a private placement of secured convertible debentures with Cornell Capital Partners, LP for $3 million.
The 10% debentures are due in one year and are convertible into common shares at $0.50 each.
Cornell also received warrants for 6 million shares, exercisable at $0.50 each for five years.
Proceeds will be used for working capital and general corporate purposes.
Open Energy, based in Solana Beach, Calif., develops solar energy products.
| Issuer: | Open Energy Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | $3 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.50
|
| Warrants: | For 6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: OEGY
|
| Stock price: | $0.31 at close March 30
|
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