Brokered offering includes warrant coverage; Maxim Group is the agent
By Devika Patel
Knoxville, Tenn., July 8 – Blue Sphere Corp. said it raised $1 million in the initial tranche of a $3 million private placement of stock on July 7, according to an 8-K filed Friday with the Securities and Exchange Commission. Maxim Group LLC is the agent for the deal.
The company is selling 37.5 million common shares at $0.08 per share, which is identical to the July 6 closing share price. It sold 12.5 million shares in the initial tranche.
The investors also will receive 100% warrant coverage. Each warrant is exercisable at $0.11 for five years. The strike price is a 37.5% premium to the July 6 closing price of $0.06.
Settlement of the final tranche is expected July 22.
Even Yehuda, Israel-based Blue Sphere is a project integrator for greenhouse gas emission reduction and renewable energy production.
| Issuer: | Blue Sphere Corp.
|
| Issue: | Common shares
|
| Amount: | $3 million
|
| Shares: | 37.5 million
|
| Price: | $0.08
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.11
|
| Agent: | Maxim Group LLC
|
| Settlement dates: | July 7 (for $1 million), July 22
|
| Stock symbol: | OTCBB: BLSP
|
| Stock price: | $0.08 at close July 6
|
| Market capitalization: | $17.37 million
|
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