Company offers up to $5 million of 10% promissory notes to investors
By Devika Patel
Knoxville, Tenn., March 28 - Environmental Solutions Worldwide Inc. settled a $1.4 million tranche of a $5 million private placement of 10% senior secured convertible promissory notes on March 22, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is convertible into common shares at $0.04 per share, which represents a 100% premium to $0.02, the March 21 closing share price.
Black Family Partners LP, John J. Hannan, Orchard Investments, LLC and Richard Ressler were the investors.
Proceeds will be used for working capital, planned capital investments and other general corporate purposes.
Based in Telford, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.
| Issuer: | Environmental Solutions Worldwide Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $5 million
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| Coupon: | 10%
|
| Conversion price: | $0.04
|
| Warrants: | No
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| Investors: | Black Family Partners LP, John J. Hannan, Orchard Investments, LLC and Richard Ressler
|
| Settlement date: | March 22 (for $1.4 million)
|
| Stock symbol: | OTCBB: ESWW
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| Stock price: | $0.02 at close March 21
|
| Market capitalization: | $2.3 million
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