Series A convertible preferreds sold along with three types of warrant
By Devika Patel
Knoxville, Tenn., Oct. 5 - Blue Earth, Inc. settled a $1 million private placement of its series A convertible preferred stock on Sept. 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The preferreds were sold in units at a purchase price of $10.00 per unit, with each unit consisting of one 8% preferred and warrants for five shares.
The A warrant is exercisable for one common share and a B warrant at $3.00 per share until Dec. 31, 2013. This strike price is a 73.41% premium to the Sept. 28 closing share price of $1.73.
Each three-year B warrant is exercisable for one common share and a C warrant at $6.00, a 246.82% premium to the Sept. 28 closing share price.
Each three-year C warrant is exercisable for one common share at $12.00, a 593.64% premium to the Sept. 28 closing share price.
Each preferred is convertible into 10 common shares at $1.00 per share, a 42.2% discount to the Sept. 28 closing share price.
Based in Henderson, Nev., Blue Earth is a clean technology company with a primary focus on the energy efficiency, water, and wastewater sectors.
| Issuer: | Blue Earth, Inc.
|
| Issue: | Units of one series A convertible preferred share and warrants for five shares
|
| Amount: | $1 million
|
| Price: | $10.00
|
| Dividends: | 8%
|
| Conversion ratio: | Into 10 common shares
|
| Warrants: | Warrants for five shares per unit
|
| Warrant expiration: | Dec. 31, 2013 (A warrants), three years (B and C warrants)
|
| Warrant strike price: | $3.00 (A warrants), $6.00 (B warrants), $12.00 (C warrants)
|
| Settlement date: | Sept. 29
|
| Stock symbol: | OTCBB: BBLU
|
| Stock price: | $1.70 at close Sept. 29
|
| Market capitalization: | $24.16 million
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