By Laura Lutz
Des Moines, June 8 - Lithium Technology Corp. completed a private placement of series C preferred stock for $1.543 million.
The company sold 10,286.66 preferred shares at $150 each.
Each preferred share is convertible into 2,500 common shares at $0.06 per share.
The deal closed in two tranches. The first, for 6,953.33 preferred shares, closed on June 4, and the second, for 3,333.33 preferred shares, closed on June 8.
Each series C preferred share will be automatically converted 90 days after the authorization and reservation of a sufficient number of common shares to convert all the outstanding series C preferreds.
The placement was non-brokered.
Based in Plymouth Meeting, Pa., Lithium Technology produces batteries.
| Issuer: | Lithium Technology Corp.
|
| Issue: | Series C preferred stock
|
| Amount: | $1.543 million
|
| Shares: | 10,286.66
|
| Price: | $150
|
| Conversion ratio: | Each preferred into 2,500 common shares
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | June 8
|
| Stock symbol: | OTCBB: LTHU
|
| Stock price: | $0.088 at close June 7
|
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