EuroSite raises $250,000 through private placement of convertibles

Company offers 4% senior notes to finance general corporate purposes

By Devika Patel

Knoxville, Tenn., May 20 - EuroSite Power Inc. settled a $250,000 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 April 24, 2018 and is convertible into common stock at $0.60 per share, which is a 31.04% discount to the May 19 closing share price of $0.87.

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 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:	$250,000
Maturity:	April 24, 2018
Coupon:	4%
Conversion price:	$0.60
Conversion premium:	9.09%
Warrants:	No
Pricing date:	May 20
Stock symbol:	OTCBB: EUSP
Stock price:	$0.87 at close May 19
Market capitalization:	$41.43 million

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