By Sheri Kasprzak
New York, Feb. 14 - World Waste Technologies, Inc. said it concluded a private placement of 10% senior secured debentures for $2.25 million.
The debentures mature the earlier of the completion of a $9 million equity financing or 18 months.
The investors received warrants for 297,000 shares, exercisable for five years at a penny each.
On Dec. 27, the company concluded a similar offering for $4.25 million in principal of the debentures.
Proceeds will be used for ongoing business operations and general corporate purposes, including the construction of a facility in Anaheim, Calif.
As part of the offering, World Waste issued warrants for up to 407,560 shares to its preferred stockholders. Those warrants are exercisable under the same terms as the warrants issued with the debentures.
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 debentures
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| Amount: | $2.25 million
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| Maturity: | Earlier of the completion of a $9 million equity financing or 18 months
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Warrants: | For 297,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.01
|
| Settlement date: | Feb. 13
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| Stock symbol: | OTCBB: WDWT
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| Stock price: | $4.04 at close Feb. 13
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