By Sheri Kasprzak
New York, Jan. 24 - Clean Power Technologies Inc. received a $10 million equity line from Dutchess Private Equities Fund, LP.
Under the two-year agreement, Dutchess may buy shares of Clean Power at 96% of the lowest closing bid price for the five consecutive trading days after notice of a draw.
There is a limit on each draw equal to either $250,000 or 200% of the average daily volume of the company's stock for the 10 trading days before notice of the draw multiplied by the average of the three daily closing bid prices immediately before the put date.
Calgary, Alta.-based Clean Power develops hybrid fuel technologies used in car engines.
| Issuer: | Clean Power Technologies Inc.
|
| Issue: | Equity line
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 96% of the lowest closing bid price for the five consecutive trading days after notice of a draw
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, LP
|
| Settlement date: | Jan. 18
|
| Stock symbol: | OTCBB: CPWE
|
| Stock price: | $0.79 at close Jan. 18
|
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