By Devika Patel
Knoxville, Tenn., Sept. 17 - ThermoEnergy Corp. settled a $2 million tranche of a $7.5 million private placement of 10% convertible promissory notes with the Quercus Trust on Sept. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Quercus may elect to convert the notes into common shares at $0.75 per share.
The trust also will receive warrants for 10.5 million common shares. It received warrants for 3 million shares in this tranche. The warrants are exercisable at $1.25 until Sept. 30, 2013, the notes' maturity date.
Based in Little Rock, Ark., ThermoEnergy designs renewable energy and power-generation facilities using technologies that convert municipal and industrial wastewater into biofuel.
| Issuer: | ThermoEnergy Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $7.5 million
|
| Maturity: | Sept. 30, 2013
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.75
|
| Warrants: | For 10.5 million shares
|
| Warrant expiration: | Sept. 30, 2013
|
| Warrant strike price: | $1.25
|
| Investor: | Quercus Trust
|
| Settlement date: | Sept. 15 (for $2 million)
|
| Stock symbol: | OTCBB: TMEN
|
| Stock price: | $0.77 at close Sept. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
