Company offers 4% senior notes to finance general corporate purposes
By Devika Patel
Knoxville, Tenn., April 22 - EuroSite Power Inc. raised $300,000 in a private placement of 4% senior convertible notes on April 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures May 15, 2018 and is convertible into common stock at $0.60 per share, which is a 9.09% premium to the April 14 closing share price of $0.55.
Proceeds will be used in connection with the development and installation of current and new energy systems, for business development and for general corporate purposes.
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: | Senior convertible notes
|
| Amount: | $300,000
|
| Maturity: | May 15, 2018
|
| Coupon: | 4%
|
| Conversion price: | $0.60
|
| Conversion premium: | 9.09%
|
| Warrants: | No
|
| Pricing date: | June 14
|
| Stock symbol: | OTCBB: EUSP
|
| Stock price: | $0.55 at close April 14
|
| Market capitalization: | $34.05 million
|
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