By Sheri Kasprzak
New York, April 12 - Astris Energi Inc. said it has concluded a $1.5 million private placement of secured convertible debentures.
The 10% debentures were purchased by Cornell Capital Partners, LP.
The debentures are due April 9, 2009. The conversion price could not be determined by press time Wednesday.
Cornell received warrants for 1.6 million shares, exercisable at $0.19 each, warrants for 600,000 shares, exercisable at $0.20 each and 1 million warrants exercisable at $0.30 each. The warrants expire in three years.
Ardour Capital Investments LLC was the placement agent.
Proceeds will be used to operate the company's pilot fuel cell production line, as well as to establish marketing initiatives and patent initiatives. The rest will be used for general corporate purposes.
Headquartered in Mississauga, Ont., Astris Energi develops stationary and motive power fuel cells and components.
| Issuer: | Astris Energi Inc.
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| Issue: | Convertible debentures
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| Amount: | $1.5 million
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| Maturity: | April 9, 2009
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| Coupon: | 10%
|
| Price: | Par
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| Yield: | 10%
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| Warrants: | For 3.2 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.19 for 1.6 million shares, $0.20 for 600,000 shares, $0.30 for 1 million shares
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| Placement agent: | Ardour Capital Investments LLC
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| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | April 10
|
| Stock symbol: | OTCBB: ASRNF
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| Stock price: | $0.26 at close April 10
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