By Devika Patel
Knoxville, Tenn., Oct. 22 - Evergreen Energy Inc. settled a $6.97 million private placement of series B convertible preferred stock on Oct. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The preferreds are convertible into common stock at an initial conversion price of $0.6025 and will pay cumulative dividends at the rate of 5.66%.
Investors also received warrants for 5,787,037 common shares, which are exercisable at $0.648 for five years.
Rodman & Renshaw, LLC was the agent.
Proceeds will be used for general corporate purposes.
Evergreen Energy, based in Denver, refines coal into a cleaner solid fuel.
Issuer: | Evergreen Energy Inc.
|
Issue: | Series B convertible preferred stock
|
Amount: | $6,973,380
|
Dividends: | 5.66%
|
Conversion price: | $0.6025
|
Warrants: | For 5,787,037 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $0.648
|
Agent: | Rodman & Renshaw, LLC
|
Settlement date: | Oct. 21
|
Stock symbol: | NYSE: EEE
|
Stock price: | $0.56 at close Oct. 21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.