Business
Doughty Hanson Commits Up To $3 Million in Equity for Sustainable Energy
Doughty Hanson Commits Up To $3 Million in Equity for Sustainable Energy
About this update from Eguana Technologies Inc
[{"type":"text","content":"\n\n\n\n Aug. 23, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nHighlights:\n\n\n >\n\n\nCALGARY, Aug. 23 /CNW Telbec/ - Sustainable Energy Technologies Ltd (TSX V:"STG") ("Sustainable Energy" or the "Company") a manufacturer of next generation solar inverters announced today that, subject to regulatory approval, Doughty Hanson Technology Ventures ("Doughty Hanson") has committed to provide up to $3 million in new equity to the Company over the next 6 months to meet working capital needs as they arise.\nThe equity will be provided by the purchase of First Preferred Shares ("Series 9 Shares"), which are redeemable at any time at the option of the Company, will be convertible into Common Shares of Sustainable Energy at a price that is equal to the weighted market price determined over a pricing period of five trading days preceding notice of each drawdown by the Company. The Series 9 Shares are similar to, and rank pari passu with First Preferred Shares Series 7 ("Series 7 Shares").\n"Sustainable Energy's core value propositions, based on company's proprietary low voltage inverter technology, are stronger than ever," said George Powlick, Managing Director of Doughty Hanson. "Our equity commitment will support the company as it resolves existing supply constraints and positions itself to meet growing demand."\nThe Equity Commitment is intended to provide short term working capital and the equity support needed by the Company to secure operating lines to increase production of its SUNERGY inverters to meet a growing order book. The Equity Commitment is irrevocable as to the first $1.5 million with the balance subject to Doughty Hanson being satisfied on certain financial and performance benchmarks.\nAs compensation for underwriting the Equity Commitment, Doughty Hanson will receive a $45,000 arrangement fee and 5,161,290 Warrants to acquire Common Shares of ...