Sustainable Energy Technologies Ltd (STG.V) Key Developments | Reuters.com:
Sustainable Energy Technologies Ltd. announced that Doughty Hanson Technology Ventures ("Doughty Hanson") has committed to provide up to $1.5 million in new equity (the "Equity Commitment") as needed to meet working capital needs and to fund a potential European initiative currently under negotiation. The equity will be provided by the purchase of First Preferred Shares ("Series 11 Shares"), which are redeemable at the option of the Company if the common shares trade at a price of $0.60 per share for more than 30 days and will be convertible into Common Shares of Sustainable Energy at a price that is equal to the market price determined at the time of the notice of each drawdown by the Company. The Equity Commitment is intended to provide short term working capital as needed and the equity support needed by the Company to secure an initiative currently in negotiation in Europe. The Equity Commitment is irrevocable as to the first $1.0 million with the balance subject to Doughty Hanson being satisfied on certain financial and performance benchmarks. Sustainable Energy will draw $500,000 in exchange for 50,000 Series 11 Shares convertible into Common Shares at $0.115 per share on Closing for gross proceeds of $500,000.
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