Sustainable Energy Announces Equity Private PlacementApril 29, 2002 by Jeff Shepard
Sustainable Energy Technologies Ltd. (Calgary, Alberta) announced that, subject to regulatory approval, it will issue up to 41,666 units at a price of $12 per unit to a group of private investors to raise a maximum of $500,000. Each unit will consist of 100 10-percent, two-year, cumulative, convertible, redeemable, voting preferred shares and 50 two-year, $0.12 common share purchase warrants.
Certain insiders of the corporation will
purchase up to 12,500 units ($150,000) that are not otherwise subscribed for by outside investors. The net proceeds of the issue will be used to repay creditors of the corporation and to meet working capital and liquidity needs.