By Laura Lutz
Des Moines, Sept. 6 - Open Energy Corp. raised $950,000 proceeds from the private placement of a discounted convertible note and warrants for 1.2 million shares.
The 10% note has a principal amount of $1 million. It matures in six months.
The note is convertible at $0.50.
The warrants are exercisable at the greater of $0.55 and $0.05 above the closing bid price of the stock on the trading day before closing.
Proceeds will be used for general corporate purposes and working capital.
Open Energy is a renewable energy company based in Solana Beach, Calif.
| Issuer: | Open Energy Corp.
|
| Issue: | Convertible note
|
| Principal amount: | $1 million
|
| Proceeds: | $950,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Price: | 95
|
| Conversion price: | $0.50
|
| Warrants: | For 1.2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | Greater of $0.55 and $0.05 above the closing bid price of the stock on the trading day before closing
|
| Pricing date: | Aug. 31
|
| Stock symbol: | OTCBB: OEGY
|
| Stock price: | $0.63 at close Aug. 31
|
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