By Devika Patel
Knoxville, Tenn., Nov. 18 - Ecotality Inc. negotiated a private placement of stock for $20.5 million on Nov. 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell common shares at $0.12 apiece. It has already raised $5 million.
Investors also will receive 100% warrant coverage; the warrants are exercisable at $0.15 for five years.
Proceeds will be used as working capital.
Ecotality is a renewable energy company in Scottsdale, Ariz.
| Issuer: | Ecotality Inc.
|
| Issue: | Common stock
|
| Amount: | $20.5 million
|
| Price: | $0.12
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Pricing date: | Nov. 16
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| Settlement date: | Nov. 16 (for $5 million)
|
| Stock symbol: | OTCBB: ETLY
|
| Stock price: | $0.14 at close Nov. 16
|
| Market capitalization: | $30.8 million
|
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