Sustainable Energy Reports Full SubscribementMay 28, 2002 by Jeff Shepard
Sustainable Energy Technologies Ltd. (Alberta, Canada) announced that the previously announced private placement of 41,666 units at a price of $12 per unit has been fully subscribed, for an aggregate consideration of $499,992.
Each unit consists of 100 10-percent, two-year, cumulative, convertible, redeemable, voting preferred shares and 50 two-year, $0.12, common-share, purchase warrants. Each preferred share is convertible at any time by the holder into one common share at a conversion price of $0.12 per share. Each warrant entitles the holder to acquire one common share at a price of $0.12 at any time until April 15, 2004.