The financing includes a new $15m term loan by Wells Fargo at an interest rate of Libor+3%, with a seven-year amortization schedule and due in 18 months.
Xzeres sold 14.1 million common shares and converted outstanding warrants into 3.2 million common shares for net proceeds of $4.9m in transactions involving existing investors in the financing.
It also retired all outstanding preferred stock and eliminated a significant amount of outstanding warrants totaling approximately 7 million equivalent shares.
As
