Ener-Core to Repurchase Convertible Notes

Posted by Eric Haun
Monday, August 18, 2014

ENER-CORE, Inc., whose proprietary Gradual Oxidation technology and equipment generates clean electric power from low quality and waste gases, announced it has entered into agreements with the investors in its April 2014 convertible notes to repurchase the notes in full.

Ener-Core will repurchase the $4.6 million principal amount of notes for $1.86 million in cash and $2.7 million in Ener-core shares valued at $0.20 per share for a total of 13,554,854 shares and will recover approximately $405,000 in cash proceeds released from restricted cash balance previously subject to a control account. Management anticipates the repurchase of the convertible notes to be completed by August 15, 2014, following which all the notes will be cancelled and the company will have no outstanding debt.

Alain Castro, CEO of Ener-Core, stated, "Our prospective customers have continued to show support for the company and signaled the closing of commercial orders; however, the debt structure has been an obstacle. While removing this high-cost debt structure through the issuance of shares and the related dilution to shareholders are difficult, we improved our balance sheet, which we believe is a prudent and essential decision to facilitate progress on our future growth initiatives and support the financial stability of Ener-Core. With Ener-Core appropriately capitalized, we believe that our discussions with prospective customers can continue and further our goal of commercial deployment of our technology.

"We believe that the repurchase of the convertible notes leaves Ener-Core in a much stronger financial position, and will bolster our ability to focus on getting commercial deals completed and serving our customers."

ener-core.com
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

Environmental

Ship Emissions: Chevron Lube Gains Key Approval

A new Chevron Marine Lubricants 100 BN cylinder oil, which is designed to offer ship owners the ability to achieve the latest emissions legislation, has received full sign off from a key engine maker.

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

Fukushima Offshore Floating Wind Farm Update

A consortium has been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012.

Energy

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

News

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1864 sec (5 req/sec)