Sustainable Energy Technologies Ltd., a Calgary-based designer, manufacturer and distributor of power inverters for grid-connected solar PV systems, announced that it has received an additional C$500,000 in funding from a private investor. Last month, British venture capital firm Doughty Hanson Technology Ventures also invested C$500,000 in the company, which it has backed since 2009.
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) (“Sustainable Energy” or the “Company”) confirms that it has completed the previously announced (News Release: April 15, 2013) private placement of 50,000 Units for gross proceeds of $500,000.
Each Unit consists of one (1) $10, 8% 5-year Convertible First Preferred Share, Series 15 (Preferred Shares) and 12, 1-year common share purchase warrants (Warrants). The Preferred Shares are convertible at the option of the holder into common shares of the Company at a price of $0.12 per share. The Warrants entitle the holder to acquire one common share at a price of $0.12 per share. The Company intends to use the proceeds of this financing to increase working capital reserves for operations.
Immediately preceding the closing of the private placement, Doughty Hanson Technology Ventures elected to convert a $500,000 Convertible Debenture (News Releases: March 25, 2013; and March 15, 2013) into 50,000 $10, 8% 5 year Convertible First Preferred Shares, Series 14, exercisable into 4,750,000 common shares of the Company.
The securities issued under the offering (including the Preferred Shares and Warrants) are all subject to a hold period under applicable Canadian securities laws and stock exchange regulations, which will expire on August 17, 2013.
As of closing of the first tranche of this private placement, the Company has 20,915,581 common shares and 1,126,587 First Preferred Shares, convertible into 17,106,649 common shares, issued and outstanding.
The Units were purchased by Mr. Owen McCreery for investment purposes. Mr. McCreery has ownership and control of 375,000 common shares and 50,000 Preferred Shares convertible into a maximum of 4,150,000 common shares of the Company, representing approximately 11.9% of votes eligible to be cast at a meeting of shareholders of the Company. For a copy of the early warning report to be filed in respect of this transaction, please refer to the SEDAR profile of the Company.
About Sustainable Energy
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures advanced power electronics for distributed smart grid and micro-grid applications. Advanced power electronics are a critical interface between all distributed generation and storage systems devices, ensuring the delivery of high quality alternating current (AC) to the power grid as well as providing utilitycontrol over the interconnection and power quality.
Sustainable Energy has designed a simple low cost platform that is software configurable for a wide range of low voltage cellular generation and storage technologies, including solar PV, fuelcells and all the emerging battery technologies.
The Company’s platform is based on breakthroughs in power conversion technology that enable its platform to convert high current/low voltage DC into high quality AC with conversion efficiencies that are materially higher than anything in the market with an inherently lower cost structure.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include statements concerning the efficiency and cost advantages of our energy storage inverters.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof.
Readers are also directed to the Risk Factors section of the Company’s current Annual Information Form which may be found on its website or at www.sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sustainable Energy Technologies Ltd
Chief Executive Officer
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