Solar Thin Films unveils USD-6m preferred share sale deal

Oct 7, 2013 - US-based firm Solar Thin Films Inc (OTCMKTS:SLTZ) has agreed to sell up to USD 6 million (EUR 4.4m) of 5% cumulative convertible preferred shares to Apollo Marketing LLC during the following five months.

Solar Thin Films said in a press release on Saturday that it had struck an agreement with Apollo regarding the sale, depending on drawdown requests by the seller. The company will use the proceeds to support its working capital needs and finance its projects, CEO James Solano said.

On signing the deal Apollo acquired USD 300,000 of Solar Thin Films’ preferred stock and is expected to buy an additional USD 250,000 in the next few days. It has also committed to purchase more shares in the next five months. The first USD 2 million of the purchased preferred shares can be converted at any time into Solar Thin Films’ common stock at USD 1.50 per share. Additional amounts will be converted into common shares of USD 2.50 per common share.

Solar Thin Films is active in the waste-to-energy and solar power sectors, and it also makes shipping containers using the patented fiber reinforced plastics (FRP) technology. The firm noted that the preferred share agreement is effective as of October 1, 2013.

(USD 1.0 = EUR 0.738)

Choose your newsletter by Renewables Now. Join for free!