Offering of 7 million units conducted by sole agent WestPark Capital
By Devika Patel
Knoxville, Tenn., Feb. 24 – RGS Energy said it has priced a $3.5 million public sale of units. The deal was announced Monday.
The company will sell 7 million units of one common share, a half-share series A warrant, a series B warrant, a series C warrant and a series D warrant at $0.50 per unit.
Each whole series A warrant will be exercisable at $0.50 for five years. The series B warrant will be exercisable at $0.50 for one year, and the series C warrant will be exercisable for 50% of the number of shares issued upon exercise of the series B warrant at $0.50 for five years. The series D warrant will be exercisable at $0.0001 until April 12, 2015.
The strike price is a 28.57% discount to the Feb. 23 closing share price of $0.70.
WestPark Capital, Inc. is the agent.
Settlement is expected Feb. 27.
RGS Energy is a solar power and solar electric panel installation company based in Louisville, Colo.
| Issuer: | RGS Energy
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| Issue: | Units of one common share, a half-share series A warrant, a series B warrant, a series C warrant and a series D warrant
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| Amount: | $3.5 million
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| Units: | 7 million
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| Price: | $0.50
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| Warrants: | 3.5 warrants per unit
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| Warrant expiration: | Five years (series A and series C), one year (series B), April 12, 2015 (series D)
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| Warrant strike price: | $0.50, $0.0001
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| Agent: | WestPark Capital, Inc.
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| Announcement date: | Feb. 23
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 27
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| Stock symbol: | Nasdaq: RGSE
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| Stock price: | $0.70 at close Feb. 23
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| Market capitalization: | $28.63 million
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