Deal is comprised of 6% senior secured convertible debentures
By Devika Patel
Knoxville, Tenn., April 30 - Terra Tech Corp. completed a $250,000 second tranche of a private placement of 6% senior secured convertible debentures on April 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Aegis Capital Corp. was the agent for the deal, which raised $825,000 on March 22.
The notes are convertible into common shares at 62% of the lowest daily volume-weighted average price of the stock for the 10 trading days immediately preceding the conversion date.
Proceeds will be used to execute the company's growth strategy and for the commercial development of its subsidiary, GrowOp Technology Ltd.
The Irvine, Calif., company specializes in controlled agricultural technologies.
| Issuer: | Terra Tech Corp.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $1,075,000
|
| Coupon: | 6%
|
| Conversion price: | 62% of the lowest daily volume-weighted average price of the stock for the 10 trading days immediately preceding the conversion date
|
| Warrants: | No
|
| Agent: | Aegis Capital Corp.
|
| Settlement dates: | March 22 (for $825,000), April 19 (for $250,000)
|
| Stock symbol: | OTCBB: TRTC
|
| Stock price: | $0.20 at close March 21
|
| Market capitalization: | $13.02 million
|
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