By Sheri Kasprzak
New York, Jan. 3 - World Waste Technologies, Inc. said it received $4.25 million in a private placement of senior secured debentures.
The 10% debentures mature the earlier of the completion of a $9 million equity financing or 18 months.
The three accredited investors who purchased the debentures also received warrants for 561,000 shares, exercisable for five years at $0.01 each.
Proceeds will be used for ongoing business operations and general corporate purposes, including the construction of a facility in Anaheim, Calif.
Based in San Diego, World Waste converts municipal solid waste into reusable products.
| Issuer: | World Waste Technologies, Inc.
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| Issue: | Senior secured debenture
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| Amount: | $4.25 million
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| Maturity: | Earlier of the completion of a $9 million equity financing or 18 months
|
| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
|
| Warrants: | For 561,000 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Settlement date: | Dec. 27
|
| Stock price: | $2.60 at close Dec. 27
|
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