Company offers up to $5 million of 10% promissory notes to investors
By Devika Patel
Knoxville, Tenn., April 30 - Environmental Solutions Worldwide Inc. settled a $1.6 million second tranche of a $5 million private placement of 10% senior secured convertible promissory notes on April 23, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $1.4 million on March 22.
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 are 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.
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| Issue: | Senior secured convertible promissory notes
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| Amount: | $5 million
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| Coupon: | 10%
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| Conversion price: | $0.04
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| Warrants: | No
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| Investors: | Black Family Partners LP, John J. Hannan, Orchard Investments, LLC and Richard Ressler
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| Settlement date: | March 22 (for $1.4 million), April 23 (for $1.6 million)
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| Stock symbol: | OTCBB: ESWW
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| Stock price: | $0.02 at close March 21
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| Market capitalization: | $6.62 million
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