WorldWater & Solar Technologies Announces $35.64 Million Private Placement with The Quercus Trust
Wednesday February 13, 3:01 am ET
EWING, N.J.--(BUSINESS WIRE)--WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB - News), developer and marketer of proprietary high-power solar systems, today announced that it has raised $35.64 million from The Quercus Trust (“Quercus”) in a private placement of 20,000 shares of WorldWater Series F Convertible Preferred Stock at a price of $1,782.00 per share. Each share of the Series F Convertible Preferred Stock is convertible into 1,000 shares of WorldWater common stock. Quercus also received warrants to purchase 29 million additional shares of common stock at an exercise price of $1.815. Complete terms of the transaction will be described in a Form 8-K to be filed with the Securities and Exchange Commission.
“Thanks to the steadfast commitment of the Quercus Trust, WorldWater now has the funds critical to drive future growth,” said Quentin T. Kelly, Chairman and CEO. “A portion of the financing will be utilized to complete the construction of our 50 MW production plant in Texas, which is vital to the many large awards we are now pursuing. The funds will also be used to hire staff, support global expansion, and bolster our R&D. WorldWater is clearly positioned for a strong 2008 and, with the acquisition of ENTECH now complete, ramping up to meet the rapidly-developing demand for solar energy worldwide.”
Prior to February 8, 2008, The Quercus Trust and its affiliates owned shares of WorldWater common stock and preferred stock convertible into shares of WorldWater common stock representing approximately 11.5% of the equity ownership in the Company on a fully diluted basis. With this agreement, the Quercus Trust and its affiliates will own approximately 24.1% of the equity ownership in WorldWater on a fully diluted basis. |
