Notes are convertible at prices ranging from 37% to 42% discount
By Toni Weeks
San Luis Obispo, Calif., Sept. 2 – Blue Sphere Corp. sold $580,000 of convertible promissory notes between Aug. 27 and Sept. 2, according to an 8-K filing with the Securities and Exchange Commission.
The company sold a $230,000 one-year note and a $350,000 two-year note. The notes accrue interest at rates ranging from 8% to 12%.
The notes are convertible at prices ranging from 37% to 42% discounts to the lowest closing price near the time of conversion.
The $350,000 note may be prepaid without interest during the first 90 days after issuance but not thereafter, while the $230,000 note may be prepaid at a premium during the first 180 days of issuance.
MD Global Partners, LLC and Carter Terry & Co. were the broker-dealers and received commissions of $7,500 and $4,000, respectively in connection with the issuance of $480,000 principal amount of the notes.
Even Yehuda, Israel-based Blue Sphere is a project integrator for greenhouse gas emission reduction and renewable energy production.
| Issuer: | Blue Sphere Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $580,000
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| Maturity: | One year, two years
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| Coupon: | 8% to 12%
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| Price: | $275,000
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| Conversion price: | At 37% to 42% discounts to lowest closing price near time of conversion
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| Settlement date: | Between Aug. 27 and Sept. 2
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| Stock symbol: | OTCBB: BLSP
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| Stock price: | $0.20 at close Aug. 29
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| Market capitalization: | $7.32 million
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