By Sheri Kasprzak
New York, June 29 - Ener1, Inc. obtained a commitment for a $15 million private placement of stock.
Ener1 Group, the company's controlling shareholder, agreed to buy 50 million shares at $0.30 each. The share price is a 42% premium to the company's $0.21 closing stock price on June 27.
The investor also will receive warrants for up to 60% of the shares issued in the offering, exercisable at $0.30 each for five years.
Connected to the deal, the strike price on all of Ener1 Group's existing Ener1, Inc. warrants will be reduced to $0.30 from $0.50.
Closing of the offering is contingent upon Ener1's achievement of certain milestones related to its lithium ion battery and fuel cell development over the next 180 days.
Proceeds will be used for the commercial development of the company's lithium ion batteries for hybrid electric vehicles and for the launch of the company's fuel cell-powered surveillance camera.
Based in Fort Lauderdale, Fla., Ener1 develops lithium ion batteries and other alternative energy sources.
| Issuer: | Ener1, Inc.
|
| Issue: | Stock
|
| Amount: | $15 million
|
| Shares: | 50 million
|
| Price: | $0.30
|
| Warrants: | For up to 60% of the shares issued in offering
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Investor: | Ener1 Group
|
| Announcement date: | June 29
|
| Stock symbol: | OTCBB: ENEI
|
| Stock price: | $0.21 at close June 28
|
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