Investor Hanover Holdings also gets warrants for 600,000 shares
By Devika Patel
Knoxville, Tenn., Aug. 9 - Xzeres Corp. settled a $1.5 million secured revolving credit facility with Hanover Holdings I, LLC on Aug. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 16% revolver has a one-year term.
Hanover also received warrants for 600,000 common shares, exercisable at $0.35 until Aug. 6, 2014. The strike price is identical to the Aug. 3 closing share price.
Xzeres is a renewable energy and clean energy technology company based in Wilsonville, Ore.
| Issuer: | Xzeres Corp.
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| Issue: | Secured revolving credit facility
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| Amount: | $1.5 million
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| Maturity: | One year
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| Coupon: | 16%
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| Warrants: | For 600,000 shares
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| Warrant expiration: | Aug. 6, 2014
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| Warrant strike price: | $0.35
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| Investor: | Hanover Holdings I, LLC
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| Settlement date: | Aug. 6
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| Stock symbol: | OTCBB: XPWR
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| Stock price: | $0.35 at close Aug. 3
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