By Sheri Kasprzak
Atlanta, Nov. 16 - Lithium Technology Inc. has closed a private placement for $1.12 million, the company said Tuesday.
Lithium sold 1,120 units at $1,000 each on Nov. 9
The units consist of one series A convertible preferred share, one warrant for common stock to be issued upon conversion of the series A share to buy half a share of common stock at 125% of the conversion price of there series A shares, and one warrant to be issued upon conversion of the series A shares for half a common share at 150% of the conversion price of the series A shares.
The series A shares are convertible any time for three years at a price equal to 80% of the average closing price of the company's common stock on the over-the-counter bulletin board for 20 trading days preceding conversion notice.
Based in Plymouth Meeting, Pa., Lithium produces lithium batteries for cell phones and notebook computers.
| Issuer: | Lithium Technology Inc.
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| Issue: | Units of one series A convertible preferred share and two warrants
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| Amount: | $1.12 million
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| Shares: | 1,120 units
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| Price: | $1,000 per unit
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| Warrants: | One warrant for a half share of common stock at 125% of the series A conversion price; one warrant for a half a common share at 150% of the series A conversion price
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| Announcement date: | Nov. 16
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| Settlement date: | Nov. 9
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| Stock price: | $0.18 at close Nov. 9
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| Stock price: | $0.33 at close Nov. 16
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