By Sheri Kasprzak
New York, March 21 - Solar EnerTech Corp. raised another $9 million from its previously announced private placement of series A and B convertible notes, bringing the total proceeds to $17.3 million.
The company issued, in total, $5 million in series A notes and $12.3 million in series B notes.
The A notes bear interest at 6% annually. They are due March 7, 2010 and are convertible at $0.69 each.
The B notes also bear interest at 6% annually and mature on March 7, 2010. The B notes are convertible at $0.57 each.
The investors also received series A warrants for 7,246,377 shares, exercisable at $1.21 each for five years and series B warrants for 21,578,948 shares, exercisable at $0.90 each for five years.
Knight Capital Markets, LLC was the placement agent.
The company sold $8.3 million of the notes on March 7.
Proceeds will be used for working capital and general corporate purposes.
Based in Menlo Park, Calif., Solar Enertech is a photovoltaic solar energy cell production company.
| Issuer: | Solar Enertech Corp.
|
| Issue: | Series A and B convertible notes
|
| Amount: | $17.3 million
|
| Maturity: | March 7, 2010
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.69 for series A; $0.57 for series B
|
| Call: | May call notes at the then-applicable conversion price if the stock trades at or above 300% of the conversion price for 20 consecutive trading days and trading volume averages 500,000 shares for those days
|
| Warrants: | Series A warrants for 7,246,377 shares; series B warrants for 21,578,948 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.21 for series A; $0.90 for series B
|
| Placement agent: | Knight Capital Markets, LLC
|
| Settlement date: | March 20
|
| Stock symbol: | OTCBB: SOEN
|
| Stock price: | $1.35 at close March 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
