By Sheri Kasprzak
New York, June 6 - Turbine Truck Engines Inc. has received a $10 million equity line from Dutchess Private Equities Fund, LP.
Dutchess plans to buy shares of Turbine at 93% of the lowest closing bid price for the five trading days before a draw over three years.
The proceeds will be used to commercialize a new clean air energy efficient truck engine.
Based in Deland, Fla., Turbine Truck Engines manufactures and markets heavy duty highway truck engines.
| Issuer: | Turbine Truck Engines Inc.
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| Issue: | Equity line
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| Amount: | $10 million
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| Price: | 93% of the lowest closing bid price for the five trading days before a draw
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, LP
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| Settlement date: | May 31
|
| Stock symbol: | OTCBB: TTEG
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| Stock price: | $1.10 at close May 31
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