By Devika Patel
Knoxville, Tenn., Sept. 18 - Open Energy Corp. sold $4.7 million of its warrants in a private placement to the Quercus Trust on Sept. 12, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Of the proceeds, the company took in $4.2 million in cash, $300,000 in forgiveness of interest, which had accrued on the series B convertible notes held by Quercus, and a $200,000 restructuring fee for the amendment of certain terms of the $3.5 million loan Quercus had previously extended to the company.
The company sold warrants for 235 million common shares at $0.02 apiece.
Each warrant is exercisable at $0.067.
Open Energy is a renewable energy company based in Solana Beach, Calif.
| Issuer: | Open Energy Corp.
|
| Issue: | Warrants
|
| Amount: | $4.7 million
|
| Warrants: | For 235 million shares
|
| Price: | $0.02
|
| Warrant strike price: | $0.067
|
| Investor: | Quercus Trust
|
| Announcement date: | Sept. 18
|
| Settlement date: | Sept. 12
|
| Stock symbol: | OTCBB: OEGY
|
| Stock price: | $0.08 at close Sept. 18
|
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