PowerVerde, Inc. reported the closing of a recent capital market financing transaction involving the issuance of equity in the company. This was the second round of financing for the company within the last three months.
PowerVerde, Inc. sold 666,667 shares of common stock to a group of institutional investors at a price of $0.75 per share. The company also issued warrants along with the common stock, which entitle the holders to purchase additional shares within a three year period.
In March 2011, PowerVerde, Inc. sold 1.33 million shares of common stock to a similar investment group at a price of $0.75 per share. This offering also had three year warrants attached to the common stock.
PowerVerde, Inc. said that the company would use the proceeds of both offerings for general corporate purposes and the manufacturing and shipment of two Liberator energy systems to Newton Investments BV, the company’s distributor of its products in Europe.
PowerVerde, Inc. signed the distribution agreement with Newton Investments BV in February 2011. The agreement gives Newton Investments BV exclusive distribution rights in countries that are members of the European Union.
Martinez-Ayme Securities was the placement agent for both offerings, which were conducted according to regulation D and exempt from registration requirements under the securities laws of the United States.
For more information on the company, go to www.powerverdeenergy.com