Two investors also get three-year warrants for 1,587,300 common shares
By Devika Patel
Knoxville, Tenn., Dec. 7 – Integrated Environmental Technologies, Ltd. raised $200,000 in private placements of $222,222 of convertible debentures with two investors on Dec. 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 12% convertibles are due on Dec. 3, 2017 and contain an original issue discount of 10%. The debentures convert to common stock at $0.07 per share.
The investors also received warrants for 1,587,300 common shares. The warrants are each exercisable at $0.10 for three years. The strike price is a 100% premium to the Dec. 2 closing share price of $0.05. The conversion price is a 40% premium to that price.
Proceeds will be used for working capital purposes.
The Little River, S.C., company produces and sells hypochlorous acid as well as an anti-oxidizing, mildly alkaline solution that provide an environmentally friendly alternative for cleaning, sanitizing and disinfecting.
| Issuer: | Integrated Environmental Technologies, Ltd.
|
| Issue: | Convertible debenture
|
| Amount: | $222,222
|
| Maturity: | Dec. 3, 2017
|
| Price: | $200,000 (an original issue discount of 10%)
|
| Coupon: | 12%
|
| Warrants: | For 1,587,300 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.10
|
| Settlement date: | Dec. 3
|
| Stock symbol: | OTCBB: IEVM
|
| Stock price: | $0.05 at close Dec. 2
|
| Market capitalization: | $11.65 million
|
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