In conjunction with the close of the financing, Iowa State Bank extended the maturity of GreenMan’s credit facility to Apand increased its borrowing limits to $2.25 million. The management team, the new investor base, and the Board of Directors are all value add, and help to lay the foundation for the Company to be transformative in the areas of energy efficiency, both in the transportation and energy drilling industries,” said Stewart Flink, Managing Director of Next View. “Next View Capital is pleased to be a co-lead investor in GreenMan. “We are very pleased to be co-leading this growth capital investment, which will enable GreenMan to take advantage of robust market demand within both the vehicular and stationary markets.” The Company’s non-invasive solution allows its customers to take advantage of the lower cost of natural gas, while maintaining the performance benefits of diesel gas when needed,” said Jamie Weston, a Managing Director in the private equity group of Spring Mountain Capital. “We believe that GreenMan provides the best dual-fuel conversion technology available in the market.
#Ardour capital investments registration
The Company is required to file a registration statement with the Securities and Exchange Commission on or before May 27, 2012, to register for the resale of the shares of common stock issuable upon the conversion of the preferred stock and the exercise of the warrants. The investors have the right, exercisable at any time before March 31, 2013, to purchase up to an additional $2.7 million of preferred stock and warrants under the same terms. Both the preferred stock and the warrants are subject to adjustment for certain dilutive issuances and upon other customary terms, and they may be converted or exercised, at any time.
The investors also received five-year warrants to purchase a number of shares of common stock equal to the number of conversion shares, exercisable at $0.50 per share. The preferred stock has a 10 percent annual dividend, payable quarterly at the Company’s option in cash or in common stock, and is convertible to common stock at a conversion price of $0.40 per share. announced today the completion of a private placement for $8.2 million of 10 percent Convertible Preferred Stock to several institutional investors, led by Spring Mountain Capital and Next View Capital, private investment management firms based in New York City and Chicago, respectively.
LYNNFIELD, MA, Apr 30, 2012 – GreenMan Technologies, Inc. Company to Host Conference Call on Tuesday, at 11:30 AM ET
0 kommentar(er)
