By Laura Lutz
Des Moines, April 30 - Thermal Energy International Inc. plans to conduct a private placement of units for C$1 million.
The company intends to sell 4,166,667 units of one share and one warrant at C$0.24 per unit. Each warrant will be exercisable at C$0.40 for two years.
Whitebox Advisors, LLC and a Toronto investment firm are expected to be the agents.
The agents will have a greenshoe fro up to 30% of the deal size, priced at a 10% discount to the market price. The greenshoe will be exercisable for 60 days after closing.
Settlement is expected by May 11.
Proceeds will be used for working capital and for sales and marketing.
Ottawa-based Thermal Energy provides energy, emission reduction and bioenergy solutions.
| Issuer: | Thermal Energy International Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1 million
|
| Greenshoe: | For up to 30% of deal, priced at 10% discount to market price
|
| Units: | 4,166,667
|
| Price: | C$0.24
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agents: | Whitebox Advisors, LLC; Toronto investment firm
|
| Pricing date: | April 30
|
| Stock symbol: | TSX Venture: TMG
|
| Stock price: | C$0.285 at close April 30
|
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