By LLuvia Mares
New York, Oct. 1 - EPOD International Inc. completed a $3.3 million private placement of units made up of convertible debentures.
The company sold 3,296 units at a $1,000 per unit, each unit comprised of 1,000 warrants and one convertible debenture with a face value of $1,000.
The debentures pay interest at 12%, have a 12 month maturity and are convertible into stock at $0.50 a share.
The debentures are retractable by the investors at any time prior to maturity if the company closes an additional $5 million minimum of issuance. They are redeemable any time by the company.
The warrants are exercisable at $0.30 each and expire in 24 months.
Investors have the option to exchange their debentures and warrants for an interest in the company's Germany-based installation facility at $3.50 per installed watt hour of production.
Reno, Nev.-based EPOD provides grid-integrated, eco-power utility and electric power systems.
Issuer: EPOD International Inc.
Issue: Units of convertible debentures and warrants
Amount: $3.296 million
Maturity: 12 months
Coupon: 12%
Price: Par of $1,000
Conversion price: $0.50
Warrants: For 1,000 shares per unit
Warrant strike price: $0.30
| Warrant expiration: | 24 months
|
| Announcement date: | Oct. 1
|
| Stock symbol: | Pink Sheets: EPOI
|
| Stock price: | $0.89 at close Sept. 28
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