Company sells shares at $0.75 each in order to repay $2 million loan
By Devika Patel
Knoxville, Tenn., May 12 – EuroSite Power Inc. said it raised $7.25 million in a private placement of stock.
The company sold common shares at $0.575 apiece. The price per share is a 23.33% discount to $0.75, the May 11 closing share price.
Proceeds will be used to pay off an outstanding $2 million loan and support the more rapid roll out of the On-Site Utility solution throughout the United Kingdom and Europe.
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: | Common stock
|
| Amount: | $7.25 million
|
| Price: | $0.575
|
| Warrants: | No
|
| Announcement date: | May 12
|
| Stock symbol: | OTCBB: EUSP
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| Stock price: | $0.75 at close May 11
|
| Market capitalization: | $40.89 million
|
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