Series D convertible preferred sold with warrants for 2 million shares
By Devika Patel
Knoxville, Tenn., Jan. 12 – American Power Group Corp. said it completed a $2.2 million private placement of series D convertible preferred stock.
The company sold 22 preferreds at $100,000.00 apiece. The 10% preferreds are each convertible into 1 million common shares at $0.10 per share.
Investors also received five-year warrants for 2 million shares. The warrants are each exercisable at $0.10.
The strike price and conversion price are a 9.09% discount to the Jan. 11 closing share price of $0.11.
The alternative energy company is based in Lynnfield, Mass.
| Issuer: | American Power Group Corp.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $2.2 million
|
| Preferreds: | 22
|
| Price: | $100,000.00
|
| Dividends: | 10%
|
| Conversion price: | $0.10
|
| Conversion ratio: | Into 1 million common shares (per preferred)
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: APGI
|
| Stock price: | $0.11 at close Jan. 11
|
| Market capitalization: | $6.58 million
|
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