WorldWater & Solar Technologies Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-power solar systems, announced it entered into a Stock and Warrant Purchase Agreement with the Quercus Trust.
Quercus purchased 7.5 million shares of WorldWater’s common stock at a price of $1.782 per share, for total proceeds of $13,365,000.
The Agreement also provides for the issuance of warrants to the Quercus Trust for the purchase of 9.0 million additional shares of WorldWater’s common stock at an exercise price of $1.815, subject to certain adjustments. Quercus and its affiliates previously owned about 21.6 million shares of WorldWater common stock, representing approximately 12.2% of the equity ownership in the Company, or 8.2% on a fully diluted basis. Now, they own approximately 16.4% of the equity ownership in WorldWater, or 10.6% on a fully diluted basis.
Said Quentin Kelly, Chairman of WorldWater, “Quercus focuses on environmental investments in next-generation sustainable energy companies, and their commitment to our Company reflects their belief in our product and business plan.
The funds raised will serve to bolster our growth going forward, as we extend our production capabilities, particularly for construction of Entech CPV modules for our projects in Spain and the US, and with Emcore Solar for the purchase and implementation of their 500X and 1000X concentrator cells and systems that are being developed.”
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