Company sells three-year secured notes in units along with warrants
By Devika Patel
Knoxville, Tenn., Aug. 24 - Two Rivers Water Co. said it raised $5.25 million in its most recent capital raise, which was a private placement of secured convertible debt. The company announced on Aug. 4 that the initial tranche settled for $3.5 million on Aug. 3. Boenning & Scattergood, Inc. was the agent.
The company sold units consisting of a $25,000 convertible, participatory note and warrants for 10,000 shares at $25,000 per unit.
The notes are due on June 30, 2014 and are convertible into stock at $2.50 per share.
The warrants are exercisable at $2.50 until Dec. 31, 2012.
The conversion price and strike price are an 11.11% premium to the Aug. 2 closing share price of $2.25.
Proceeds will be used for expansion of the company's water and irrigated farming portfolio in southern Colorado.
Based in Denver, Two Rivers Water operates a water acquisition, development and distribution business in Huerfano County, Colo.
Issuer: | Two Rivers Water Co.
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Issue: | Units of a $25,000 convertible, participatory note and warrants for 10,000 shares
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Amount: | $5.25 million
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Maturity: | June 30, 2014
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Conversion price: | $2.50
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Warrants: | Warrants for 10,000 shares per unit
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Warrant expiration: | Dec. 31, 2012
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Warrant strike price: | $2.50
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Agent: | Boenning & Scattergood, Inc.
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Settlement date: | Aug. 3 (for $3.5 million), Aug. 24
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Stock symbol: | Pink Sheets: TURV
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Stock price: | $2.28 at close Aug. 3
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Market capitalization: | $50.96 million
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