Warrants for 7.5 million shares included, each exercisable at $0.35
By Devika Patel
Knoxville, Tenn., April 5 - Xzeres Corp. settled a $2.1 million initial tranche of a $6.5 million senior secured loan with Renewable Power Resources, LLC on April 1, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loan accrues interest at a rate of 10%.
Renewable Power also received warrants for 7.5 million shares. Each warrant is exercisable at $0.35 for four years. The strike price reflects a 94.44% premium to the March 28 closing share price of $0.18.
Xzeres is a renewable energy and clean energy technology company based in Wilsonville, Ore.
| Issuer: | Xzeres Corp.
|
| Issue: | Senior secured loan
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| Amount: | $6.5 million
|
| Coupon: | 10%
|
| Warrants: | For 7.5 million shares
|
| Warrant expiration: | Four years
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| Warrant strike price: | $0.35
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| Investor: | Renewable Power Resources, LLC
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| Settlement date: | April 1 (for $2.1 million)
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| Stock symbol: | OTCBB: XPWR
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| Stock price: | $0.18 at close March 28
|
| Market capitalization: | $6.56 million
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