Business
Blue Sphere Completes "At Market" Financing
Blue Sphere Completes "At Market" Financing.
About this update from Blue Sphere Corp
[{"type":"text","content":"\n \n \n Blue Sphere Completes \"At Market\" Financing\n \n \nBlue Sphere Completes \"At Market\" Financing\n\nBlue Sphere Closes on US$1,925,000 in Gross Proceeds From Current Shareholders\n\n \n CHARLOTTE, NC--(Marketwired - Feb 17, 2016) - 2016 Blue Sphere Corp. (OTCQB: BLSP) (the \"Company\" or \"Blue Sphere\"), a clean-tech waste-to-energy producer that develops, manages and owns waste-to-energy facilities globally, announced today that on February 15, 2016 the Company closed on a private equity investment round with three current Blue Sphere shareholders for gross proceeds of US$1,925,000 through the sale of the Company's common stock (\"Shares\") and warrants (\"Warrants\" together with the Shares, the \"Securities\") to purchase shares of Common Stock (the \"Private Placement\"). The Securities were purchased at a price per share equal to the closing price for Blue Sphere's Common Stock as of February 12, 2016, or $0.055 per share. Additionally, the investors were each issued Warrants to purchase an amount of Blue Sphere's Common Stock equal to fifty percent of the Shares purchased by the investors in the Private Placement. The Warrant exercise price is $0.10 per share of common stock. \n The net proceeds from the Private Placement will be used by the Company to accelerate its growth and for general business activities. The Company's goals for 2016 include a potential up-listing to a major exchange, expanding its base of European assets with guaranteed EBITDA beyond the four fully operational biogas facilities previously announced (valued at over $26 million), and seeing the two previously announced and under-construction US biogas facilities ($46 million construction cost) with 15-year power purchase agreements come online. \n The Company sold the Shares and Warrants to investment funds affiliated with Lazarus Management Company LLC, which had previously purchased the Company's common stock, as disclosed in Lazarus' Schedule 13G filing, dated January 7, 2016. \n Shlomi Palas, the Company's CEO, commented, \"We are very pleased to complete this financing with some of our valued shareholders. The proceeds will allow the Company to act more aggressively on the full pipeline of opportunities at hand. 2015 was an important year for the Company in terms of acquiring and developing assets including its four Italian facilities ...