WorldWater & Power plans $5 million convertible debentures sale

By Sheri Kasprzak

New York, May 16 - WorldWater & Power Corp. intends to raise up to $5 million from a private placement of convertible debentures.

The offering, which will be led by an existing institutional investor, will be closed in two tranches, with up to $3 million issued upon closing and the rest to be funded upon the satisfaction of certain conditions.

The debentures are convertible into common shares at the lesser of $0.40 each or the 10-day volume weighted average price for the day before closing.

The full terms of the debentures could not be determined by press time Tuesday.

The deal is expected to close in 10 days.

Also, the lead investor will exercise existing warrants for another $1.9 million in capital infusion.

Based in Pennington, N.J., WorldWater provides solar technology used to address electricity and water supply problems.

The stock fell $0.002 to end the day at $0.375 (OTCBB: WWAT).

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