By Laura Lutz
Des Moines, Sept. 25 - Open Energy Corp. raised $20 million from a private placement of a convertible note and warrants.
The note matures in three years and bears interest at 6% per year. Interest is payable quarterly.
The investor may convert the note into common stock at a conversion price of $0.50 per share.
The investor received warrants for 40,000,000 common shares. 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 note
|
| Amount: | $20 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.50
|
| Warrants: | For 40,000,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.506
|
| Agent: | Knight Capital Markets, LLC
|
| Pricing date: | Sept. 19
|
| Stock symbol: | OTCBB: OEGY
|
| Stock price: | $0.50 at close Sept. 21
|
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