By Devika Patel
Knoxville, Tenn., July 6 - Ecotality Inc. settled a $2.5 million private placement of discounted 8% secured convertible debentures on July 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
The debentures mature Oct. 1, 2010 and are convertible into common stock at $0.06 per share.
Shenzhen Goch Investment Ltd. bought $2 million in debentures, Enable Growth Partners bought $250,000 in debentures and BridgePointe Master Fund invested $250,000.
Proceeds will be used for expansion and working capital.
Ecotality is a renewable energy company in Scottsdale, Ariz.
| Issuer: | Ecotality Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2.5 million
|
| Maturity: | Oct. 1, 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Investors: | Shenzhen Goch Investment Ltd. (for $2 million), Enable Growth Partners (for $250,000) and BridgePointe Master Fund (for $250,000)
|
| Settlement date: | July 2
|
| Stock symbol: | OTCBB: ETLY
|
| Stock price: | $0.11 at close July 2
|
| Market capitalization: | $19.4 million
|
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