ZBB Energy cancels $10 million Socius sale of debentures, preferreds

Company reports better financing alternatives to replace two-year deal

By Devika Patel

Knoxville, Tenn., May 7 - ZBB Energy Corp. said it elected to terminate its $10 million private placement of series A redeemable preferred stock and redeemable subordinated debentures with Socius CG II, Ltd.

The placement was arranged on June 16, 2010, and allowed the company to sell to the investor up to $10 million of redeemable subordinated debentures or redeemable series A preferred shares over a term of two years.

The company said it believes it has other financing alternatives that would better suit its needs.

Based in Bibra Lake, Western Australia, ZBB is develops energy storage technologies.

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