Sustainable Energy Technologies: Convertible First Preferred Shares
CALGARY, ALBERTA - Sustainable Energy Technologies Ltd. announced that it will issue 50,000 Units consisting of One (1) $10, 8% 5 year Convertible First Preferred Share, Series 15 ("Preferred Shares") and 12, 1-year common share purchase warrants ("Warrants") to a private investor. 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 thereof to acquire one common share at a price of $0.12 per share.
The net proceeds of the issue will be used to increase working capital reserves for operations.
Closing of the issue is subject to approval by the TSX Venture Exchange, the approval of Doughty Hanson Technology Ventures and the prior conversion by Doughty Hanson Technology Ventures of 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 convertible into common shares of the Company at $0.105 per share.
Upon completion of the transactions, the Company will have 20,915,581 common shares and 1,126,587 First Preferred Shares, convertible into 17,106,649 common shares, issued and outstanding.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
The Company's high efficiency battery inverter enables a direct bi-directional connection of the battery to the power grid and the load to deliver the highest round trip conversion efficiencies in the industry with a simple highly reliable and low cost system topology for grid interactive and off grid solar battery systems.
Sustainable Energy Technologies Ltd.
Chief Executive Officer