Debentures convert to units with three-year warrants at $1.40 per unit
By Devika Patel
Knoxville, Tenn., May 3 - EPOD Solar Inc. completed a $1.2 million private placement of 10% convertible debentures on April 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The debentures are due on April 29, 2014 and convert into units of one common share and one half-share warrant at an initial conversion price of $1.40 per unit. Each whole warrant is exercisable at $2.00 for three years. The strike price reflects a 18.34% discount to $1.69, the April 28 closing share price.
Based in Daly City, Calif., EPOD focuses on the manufacture and sale of alternative, non-toxic polyurethane products.
"The closing of this financing gives us the necessary capital to execute our business model," chief executive officer and president Joseph Kristul said in a press release.
| Issuer: | EPOD Solar Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1,201,000
|
| Maturity: | April 29, 2014
|
| Coupon: | 10%
|
| Conversion price: | $1.40
|
| Call: | At 110
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Settlement date: | April 29
|
| Stock symbol: | OTCBB: EPDS
|
| Stock price: | $1.69 at close April 29
|
| Market capitalization: | $9.17 million
|
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