Published on 11/8/2006 in the Prospect News PIPE Daily.
New Issue: Axion Power sells $2 million of convertible preferreds
By Sheri Kasprzak
New York, Nov. 8 - Axion Power International, Inc. closed a private placement of series A convertible preferred stock for $2 million.
The company sold 200,000 shares of the preferreds at $10.00 each to HAP Investments, LLC; John Petersen; and Robert Averill.
The 10% preferreds are convertible into common shares at $1.25 each.
Based in Woodbridge, Ont., Axion develops hybrid batteries and fuel cells.
Issuer: | Axion Power International, Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $2 million
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Shares: | 200,000
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Price: | $10.00
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Dividends: | 10%
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Conversion price: | $1.25
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Warrants: | No
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Investor: | HAP Investments, LLC, John Petersen, Robert Averill
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Settlement date: | Oct. 23
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Stock symbol: | Pink Sheets: AXPW
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Stock price: | $2.80 at close Oct. 23
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