Sustainable Energy Technologies: Additional Share Units
CALGARY, ALBERTA - Sustainable Energy Technologies Ltd. announced that it will increase the size of its previously announced (News Release: April 17, 2013) issue of 50,000 First Preferred Share Units up to a total of 65,000 Units.
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.
Closing of the issue is subject to approval by the TSX Venture Exchange.
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 utility control 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 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.
Sustainable Energy Technologies Ltd.
Chief Executive Officer