Proceeds to be used to purchase materials, ramp up shipments
By Angela McDaniels
Tacoma, Wash., Feb. 27 - Xzeres Corp. raised $1.41 million on Friday by issuing units in a private placement. The 3,517,500 units sold for $0.40 each.
Each unit consists of one share and half of a warrant. Each whole warrant is exercisable for three years for $0.80 per share. The strike price is a 63.3% premium to the company's closing share price on Thursday, $0.49.
Proceeds will be used to purchase materials necessary to meet customer demand and begin ramping up shipments.
Xzeres is a renewable energy and clean energy technology company based in Wilsonville, Ore.
| Issuer: | Xzeres Corp.
|
| Issue: | Units of one share and half of a warrant
|
| Amount: | $1,407,000
|
| Units: | 3,517,500
|
| Price: | $0.40
|
| Warrants: | For 1,758,750 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.80
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: XPWR
|
| Stock price: | $0.48 at close Feb. 27
|
| Market capitalization: | $10.28 million
|
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