By Sheri Kasprzak
New York, Sept. 21 - Save the World Air, Inc. obtained a $10 million equity line of credit from Dutchess Private Equities Fund, LP.
Over the three-year line, Dutchess may buy shares of Save the World at 97% of the lowest closing bid price for the five trading days before a draw.
Each draw is limited to either 200% of the average daily U.S. market trading volume for the 10 trading days before the request of a draw or $250,000.
Spencer Clarke LLC was the placement agent.
Proceeds will be used for sales and product development, working capital and general corporate purposes.
Based in North Hollywood, Calif., Save the World develops devices used to reduce pollution from automobiles.
| Issuer: | Save the World Air, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 97% of the lowest closing bid price for the five trading days before a draw
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, LP
|
| Placement agent: | Spencer Clarke LLC
|
| Settlement date: | Sept. 15
|
| Stock symbol: | OTCBB: ZERO
|
| Stock price: | $1.20 at close Sept. 15
|
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