Deal sells 15 million units of a share, one warrant at $1.00 per unit
By Devika Patel
Knoxville, Tenn., Nov. 15 - EuroSite Power Inc. priced a $15 million public offering of units in a prospectus filed Thursday with the Securities and Exchange Commission.
The company will sell 15 million units of one common share and one warrant at $1.00 per unit, with each warrant exercisable at $1.00. The strike price is an 80% discount to the Nov. 14 closing share price of $5.00.
Scarsdale Equities LLC will conduct the deal on a best efforts basis.
Settlement is expected Nov. 21.
Proceeds will be used for working capital purposes in connection with the development and installation of new energy systems such as cogeneration systems and chillers. Proceeds will also be used for general corporate purposes, which may include acquisitions.
The London company distributes, owns and operates clean, on-site energy systems that produce electricity, hot water, heat and cooling in the United Kingdom and Europe.
| Issuer: | EuroSite Power Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $15 million
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| Shares: | 15 million
|
| Price: | $1.00
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $1.00
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| Agent: | Scarsdale Equities LLC
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: EUSP
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| Stock price: | $5.00 at close Nov. 14
|
| Market capitalization: | $271.81 million
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