Sustainable Energy Technologies Confirms Closing on Additional 15,000 First Preferred Share Units
CALGARY, ALBERTA, May 30, 2013 (Marketwired via COMTEX) --
Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) (Sustainable Energy or the Company) announces that it has completed the previously announced (News Release: April 24, 2013) additional issuance of First Preferred Share Units under its previously announced (News Release: April 17, 2013) private placement. The Company has raised an additional $150,000 for total gross proceeds of $650,000.
The additional issuance of the financing consisted of 15,000 Units, each Unit 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). 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 securities issued under the offering (including the Preferred Shares and Warrants) are all subject to a hold period under applicable Canadian securities laws and stock exchange regulations, which will expire on October 1, 2013.
Sustainable Energy issued a total of 65,000 Units under this private placement for total gross proceeds of $650,000. The Company intends to use the proceeds of this financing to increase working capital reserves for operations. The offering remains subject to final 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.
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. In particular, it includes: statements concerning the value of its products and technologies for distributed generation and storage systems. While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: Sustainable Energy Technologies Ltd. Michael Carten Chief Executive Officer 403.508.7177 # 111 Michael.Carten@sustainableenergy.com
SOURCE: Sustainable Energy Technologies Ltd.
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