New Issue: Titan Energy takes in $6.5 million from convertible preferreds sale

By Devika Patel

Knoxville, Tenn., Feb. 25 - Titan Energy Worldwide, Inc. said it raised $6.5 million from a private placement of series D convertible preferred units.

Investors received one preferred series D share, one type A warrant and one type B warrant for each $10,000 unit. Each preferred share converts into 10,000 common shares. Each warrant is exercisable for 3,333 common shares at $1.20 and $1.40, respectively.

Proceeds were used to retire debt and for working capital.

Based in Cardiff, Calif., Titan Energy is a manufacturer, distributor and service provider for generators, emergency power equipment and specialized mobile utility systems.

Issuer:	Titan Energy Worldwide, Inc.
Issue:	Units of one series D convertible preferred share, one type A warrant and one type B warrant
Amount:	$6.5 million
Units:	650
Price:	$10,000
Conversion ratio:	Into 10,000 common shares
Warrants:	One type A warrant and one type B warrant per unit (each exercisable for 3,333 common shares)
Warrant strike price:	$1.20 (type A), $1.40 (type B)
Settlement date:	Jan. 31
Stock symbol:	OTCBB: TEWI
Stock price:	$1.15 at close Jan. 31

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