By Devika Patel
Knoxville, Tenn., Feb. 27 - EPOD International Inc. said its successor company, EPOD Solar, completed a $5 million pre-IPO private placement of units.
Each $1,000 unit consisted of $1,000 principal amount of debentures and 667 one-year warrants.
The debentures have a three-year term, bear interest at 12% per annum and are convertible into common shares at $1.50 if EPOD Solar completes an IPO by May 12, 2009 or the lesser of $1.20 and a 10% discount to the last private placement price if an IPO is not completed.
The debentures are also subject to a 10% penalty if an IPO is not completed by May 12, 2009.
The warrants are exercisable at $3.00.
Reno, Nev.-based EPOD provides grid-integrated, eco-power utility and electric power systems.
| Issuer: | EPOD Solar
|
| Issue: | Units of $1,000 in debentures and 667 warrants
|
| Amount: | $5 million
|
| Units: | 5,000
|
| Price: | $1,000
|
| Warrants: | 667 warrants per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $3.00
|
| Pricing date: | Feb. 27
|
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