By Sheri Kasprzak
New York, July 15 - ThermoEnergy Corp. said it has wrapped up a private placement of units for $6,708,404.
The company sold 5,590,337 units at $1.20 each.
The units are comprised of one share of convertible preferred stock and a warrant for 0.45 of a common share. The whole warrants are exercisable at $1.50 each.
The preferred shares are convertible into common stock on a one-for-one basis.
Based in Little Rock, Ark., ThermoEnergy designs renewable energy and power-generation facilities using technologies that convert municipal and industrial wastewater into biofuel.
| Issuer: | ThermoEnergy Corp.
|
| Issue: | Units of one convertible preferred share and one warrant for 0.45 of a share
|
| Amount: | $6,708,404
|
| Units: | 5,590,337
|
| Price: | $1.20
|
| Conversion ratio: | Into common shares on a one-for-one basis
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| Warrants: | One warrant for 0.45 of a share per unit
|
| Warrant strike price: | $1.50
|
| Settlement date | July 15 |
|
| Stock price: | $1.47 at close July 15
|
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