By Sheri Kasprzak
New York, March 2 - ZBB Energy Corp. has revealed the particulars of its previously announced US$1 million equity line with Montgomery Capital Partners LP.
Under the terms of the 10% equity line, Montgomery will buy shares of ZBB at the lower of the volume weighted average price of the company's stock for the 10 trading days before the agreement date - Feb. 28 - or 80% of the lowest volume weighted average price for the 10 trading days before the repayment date.
There is a cap equal to A$130,000 for each draw over a seven-day period.
The investor will receive warrants for 2 million shares, exercisable at the lower of 80% of the lowest volume weighted average price for the 10 trading days before exercise or US$0.0625.
The deal was first announced, without details, on Feb. 17.
Empire Finance Group Inc. was the placement agent.
Based in Bibra Lake, Western Australia, ZBB is develops energy storage technologies.
| Issuer: | ZBB Energy Corp.
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| Issue: | Equity line
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| Amount: | US$1 million
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Share purchase price: | The lower of the VWAP for the 10 trading days before the agreement date (Feb. 28) or 80% of the lowest VWAP for the 10 trading days before repayment
|
| Warrants: | For 2 million shares
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| Warrant strike price: | The lower of 80% of the lowest VWAP for the 10 trading days before exercise or US$0.0625
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| Investor: | Montgomery Capital Partners LP
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| Placement agent: | Empire Finance Group Inc.
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| Agreement date: | Feb. 28
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| Announcement date: | March 2
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| Stock symbol: | Australia: ZBB
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| Stock price: | A$0.225 at close Feb. 28
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| Stock price: | A$0.225 at close March 2
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