By Sheri Kasprzak
New York, April 13 - WorldWater & Power Corp. intends to settle a $4,501,430 tranche B of an $18,005,715 private placement with Emcore Corp.
Emcore plans to buy 11,253,575 common shares in the deal at $0.40 each.
The investor will also receive warrants for 2,813,393 shares, exercisable at $0.40 each.
The deal is set to close within the next week.
The offering is in addition to the A tranche of the deal that closed in November. In November, the company sold $13,504,285 in series D convertible preferred stock at $2.76 each to Emcore. The preferreds are convertible at $0.276 each.
Pennington, N.J.-based WorldWater develops a solar-powered system used to operate water pumps.
| Issuer: | WorldWater & Power Corp.
|
| Issue: | Stock
|
| Amount: | $4,501,430
|
| Shares: | 11,253,575
|
| Price: | $0.40
|
| Warrants: | For 2,813,393 shares
|
| Warrant strike price: | $0.40
|
| Investor: | Emcore Corp.
|
| Announcement date: | April 13
|
| Stock symbol: | OTCBB: WWAT
|
| Stock price: | $0.735 at close April 13
|
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