Company to sell 4% unsecured notes to fund general corporate purposes
By Devika Patel
Knoxville, Tenn., June 18 - EuroSite Power Inc. offered further details about a $4 million private placement of 4% senior unsecured convertible notes in an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on June 14.
The note matures June 14, 2015 and is convertible into common stock at an initial conversion rate of 1,000 shares per $1,000 of notes.
Investors include parent company American DG Energy Inc., which will invest $1.1 million, Bruno Meier, who will invest $250,000, Joan Giacinti, who will invest $300,000, Charles T. Maxwell, who will invest $250,000, and Nettlestone Enterprises Ltd., which will invest $300,000.
Proceeds will be used in connection with the development and installation of current and new energy systems, business development and for general corporate purposes.
The Waltham, Mass., company distributes, owns and operates clean, on-site energy systems that produce electricity, hot water, heat and cooling in the United Kingdom and Europe via its subsidiary, London-based EuroSite Power Ltd.
| Issuer: | EuroSite Power Inc.
|
| Issue: | Senior unsecured convertible notes
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| Amount: | $4 million
|
| Maturity: | June 14, 2015
|
| Coupon: | 4%
|
| Conversion rate: | 1,000 shares per $1,000 of notes
|
| Warrants: | No
|
| Investors: | American DG Energy Inc. (for $1.1 million), Bruno Meier (for $250,000), Joan Giacinti (for $300,000), Charles T. Maxwell, (for $250,000) and Nettlestone Enterprises Ltd. (for $300,000)
|
| Pricing date: | June 14
|
| Stock symbol: | OTCBB: EUSP
|
| Stock price: | $0.51 at close June 13
|
| Market capitalization: | $34.05 million
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