Company offers 4% senior notes to finance general corporate purposes
By Devika Patel
Knoxville, Tenn., June 9 – EuroSite Power Inc. settled a $300,000 private placement of 4% senior convertible notes on June 9, according to an 8-K filed Monday 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 15.49% discount to the June 6 closing share price of $0.71.
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.
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Issue: | Senior convertible notes
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Amount: | $300,000
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Maturity: | April 24, 2018
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Coupon: | 4%
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Conversion price: | $0.60
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Warrants: | No
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Pricing date: | June 9
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Stock symbol: | OTCBB: EUSP
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Stock price: | $0.71 at close June 6
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Market capitalization: | $40.29 million
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