Sustainable Energy Technologies: Investment by Doughty Hanson Technology Ventures
CALGARY, ALBERTA - Sustainable Energy Technologies Ltd confirms that it has completed the previously announced private placement of Convertible Debentures and Common Share Purchase Warrants to Doughty Hanson Technology Ventures ("DHTV") for gross proceeds of $500,000.
The Convertible Debenture is unsecured, bears interest at 8% per annum, and is convertible into 50,000, $10, 8% First Preferred Shares ("Preferred Shares") of Sustainable Energy. The Preferred Shares are themselves convertible into common shares of the Company at a price of $0.105 per share. The term of the Debenture is for a period of 6 months enabling the Company to secure longer term financing for its business. DHTV also acquired a pre-emptive right to participate in up to $1 million of such a financing alongside outside investors and management, including the option of tendering the Convertible Debenture as payment.
The Company also issued detachable common share purchase warrants to acquire up to 4,750,000 common shares of the Company at an exercise price of $0.105. This financing remains subject to TSX Venture Exchange approval.
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.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Sustainable Energy Technologies Ltd
Chief Executive Officer