WorldWater & Solar Technologies Corp. (WWAT.OB) Announced Private Placement Contract
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…