By Devika Patel
Knoxville, Tenn., Dec. 19 - Energy Composites Corp. raised $6.37 million in a private placement of units on Dec. 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold units, with each unit consisting of a three-year, 6% convertible debenture and a number of warrants exercisable into a number of common shares equal to the number of shares issuable upon conversion of the principal amount of debenture, or 2,548,000 warrants total.
The debenture is convertible at $2.50 per share. The company may prepay the debentures, in whole or in part, after one year under certain conditions.
Each whole warrant is exercisable at $5.00 for three years.
Energy Composites is a private company based in Wisconsin Rapids, Wis.
| Issuer: | Energy Composites Corp.
|
| Issue: | Units of a three-year, 6% convertible debenture and warrants
|
| Amount: | $6.37 million
|
| Warrants: | 2,548,000 warrants
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $5.00
|
| Settlement date: | Dec. 15
|
|
|
| Debenture
|
| Amount: | $6.37 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $2.50
|
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