Offering raises $300,000 at $0.40 per unit of common shares, warrants
By Devika Patel
Knoxville, Tenn., Nov. 16 - Environmental Solutions Worldwide Inc. sold 750,000 units in the first tranche of a private placement on Nov. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It raised $300,000 in this tranche.
The company is selling the units at $0.40 each for proceeds of up to $5 million. Each unit consists of one common share and one warrant. The two-year warrants are exercisable at $0.55 in the first year and at $0.65 thereafter.
The strike prices reflect 42.03% and 66.67% premiums to the Nov. 8 closing share price of $0.39.
Based in Telford, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.
Issuer: | Environmental Solutions Worldwide Inc.
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Issue: | Units of one common share and one warrant
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Amount: | $5 million
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Price: | $0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $0.55 in the first year, $0.65 thereafter
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Settlement date: | Nov. 9 (for $300,000)
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Stock symbol: | OTCBB: ESWW
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Stock price: | $0.39 at close Nov. 9
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Market capitalization: | $46.96 million
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