WorldWater & Solar Technologies Corp (WWAT.OB), a leading developer of high power solar systems, announced that the company has raised $35.64 million from The Quercus Trust in a private placement contract. Specifically, WorldWater has issued 20,000 shares of WorldWater Series F Convertible
Preferred Stock at a price of $1,782.00 per share to Quercus. Quercus also received warrants to purchase 29 million additional shares of common stock at an exercise price of $1.815.
Prior to the date of February 8, The Quercus Trust and its affiliates already owned shares of WorldWater common stock, representing 11.5% of the equity ownership in the Company on a fully diluted basis. Once this agreement is finalized, the Quercus Trust and its affiliates will own approximately 24.1% of the equity ownership in WorldWater on a fully diluted basis.
“Thanks to the steadfast commitment of the Quercus Trust, WorldWater now has the funds critical to drive future growth,” said Quentin T. Kelly, Chairman and CEO. “A portion of the financing will be utilized to complete the construction of our 50 MW production plant in Texas, which is vital to the many large awards we are now pursuing. The funds will also be used to hire staff, support global expansion, and bolster our R&D. WorldWater is clearly positioned for a strong 2008 and, with the acquisition of ENTECH now complete, ramping up to meet the rapidly-developing demand for solar energy worldwide.”
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