By Laura Lutz
Des Moines, March 3 - Entech Environmental Technologies, Inc. raised $3.4 million from a private placement of series B convertible preferred stock and warrants, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 2,833,333 preferred shares at $1.20 apiece along with warrants for 7 million common shares.
Each preferred shares is convertible into one common share.
The warrants are exercisable at $3.00 until Feb. 24, 2013.
Barron Partners LP invested $3.3 million, and EOS Holdings, LLC invested $100,000.
Entech also deposited 2 million shares of the series B stock into escrow to be held as make-good shares in case the company's consolidated pre-tax income and pre-tax income per share are less than predetermined targets for 2007, 2008 or 2009.
Proceeds will be used for acquisitions, working capital and general corporate purposes.
Entech is an environmental services company based in Xi'an, China.
Issuer: | Entech Environmental Technologies, Inc.
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Issue: | Series B convertible preferred stock
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Amount: | $3.4 million
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Preferred shares: | 2,833,333
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Price: | $1.20
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Conversion ratio: | Each preferred share into one common share
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Warrants: | For 7 million common shares
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Warrant expiration: | Feb. 24, 2013
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Warrant strike price: | $3.00
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Investors: | Barron Partners LP (for $3.3 million); EOS Holdings, LLC (for $100,000)
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Pricing date: | Feb. 25
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Settlement date: | Feb. 26
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Stock symbol: | OTCBB: EEVT
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Stock price: | $0.0075 at close Feb. 26
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