By Devika Patel
Knoxville, Tenn., Jan. 25 - EESTech, Inc. will raise $2 million through a private placement of stock, according to an 8-K filed with the Securities and Exchange Commission Friday. The investor also may buy a convertible note for another $3 million.
According to the filing, on Jan. 21, the company agreed to sell 2.5 million common shares at $0.80 apiece to Rohini Finch.
The company will be obligated to issue additional common shares to Finch if it issues shares to another investor at less than $0.80 per share before the earlier of Jan. 21, 2009 or the date on which the company's common shares are approved for listing on a recognized stock exchange.
The agreement also gives Finch an option to buy a convertible note. If the option is exercised, the note would be convertible into common shares for 45 days. If Finch exercises the note option, the company will receive another $3 million.
Chino Valley, Ariz.-based EESTech provides engineering advice for solution solving using economically and environmentally sustainable technologies.
Issuer: | EESTech, Inc.
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Issue: | Common shares
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Amount: | $2 million
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Shares: | 2.5 million
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Price: | $0.80
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Warrants: | No
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Investor: | Rohini Finch
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Pricing date: | Jan. 21
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Stock symbol: | OTCBB: EESH
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Stock price: | $0.85 at close Jan. 18
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Note option
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Issue: | Convertible note
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Amount: | $3 million
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Maturity: | 45 days
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