Midwest Energy amends $1.45 million 12% convertible promissory notes

Maturity extended by one year; conversion price, strike price were cut

By Devika Patel

Knoxville, Tenn., May 8 – Midwest Energy Emissions Corp. amended $1.45 million of its 12% convertible promissory notes on May 6, according to an 8-K filed Friday with the Securities and Exchange Commission. The company has $3.41 million of notes outstanding, which were sold in private placements that settled from April 26, 2012, through Jan. 24, 2013.

The notes’ maturities were extended to four years from three years and the conversion price was cut to $0.50 per unit from $1.00 per unit for 45 days. After 45 days, the conversion price will be increased to $0.75 per unit.

In addition, the related warrants have been amended. The strike price was reduced to $1.00 from $1.25.

The Lewis Center, Ohio, environmental services company specializes in mercury emission control technologies.

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