New Issue: Save the World Air takes in $1.59 million from convertible notes sale

By Devika Patel

Knoxville, Tenn., Feb. 3 - Save the World Air Inc. settled a $1.59 million private placement of convertible promissory notes on Jan. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The notes are being sold in units of notes and warrants, with each of the 63.525 units sold at $25,000 apiece. The three-year warrants are exercisable for a total of 6,352,500 shares at $0.30 per share.

The 7% notes are due Jan. 15, 2012. They are initially convertible into common shares at $0.25 per share.

Based in North Hollywood, Calif., Save the World develops devices used to reduce pollution from automobiles.

Issuer:	Save the World Air Inc.
Issue:	Units of convertible promissory notes and warrants
Amount:	$1,588,125
Units:	63.525
Price:	$25,000
Warrants:	For 6,352,500 shares
Warrant expiration:	Three years
Warrant strike price:	$0.30
Settlement date:	Jan. 15
Stock symbol:	OTCBB: ZERO
Stock price:	$0.54 at close Jan. 15
Market capitalization:	$36.2 million
Notes
Maturity:	Jan. 15, 2012
Coupon:	7%
Price:	Par
Yield:	7%
Conversion price:	$0.25

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