By Sheri Kasprzak
Atlanta, April 27 - Environmental Solutions Worldwide Inc. said it has closed the first tranche of a private placement for $2 million.
The company sold 2,352,941 shares at $0.85 each to one accredited investor.
The investor also received warrants for 1.3 million shares, exercisable at $0.90 each for three years, for 200,000 exercisable at $2.00 each for three years and for 200,000 shares exercisable at $3.00 each for three years.
In connection with the private placement, the company reduced the strike price on warrants for 3.05 million shares issued on Sept. 15, 2004. The warrants are now exercisable at $0.85 each, reduced from $1.00 each, for three years.
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: | Stock
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| Amount: | $2 million
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| Shares: | 2,352,941
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| Price: | $0.85
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| Warrants: | For 1.7 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.90 for 1.3 million shares; $2.00 for 200,000 shares; $3.00 for 200,000 shares
|
| Settlement date: | April 21
|
| Stock price: | $0.87 at close April 21
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