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WorldWater Announces $35.64 Million Private Placement
February 14, 2008
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Ewing, New Jersey [RenewableEnergyAccess.com] WorldWater & Solar Technologies Corp. has announced that it has raised $35.64 million from The Quercus Trust in a private placement of 20,000 shares of WorldWater Series F Convertible Preferred Stock at a price of $1,782.00 per share. Each share of the Series F Convertible Preferred Stock is convertible into 1,000 shares of WorldWater common stock.
"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."
--Quentin Kelly, CEO, WorldWater 
Quercus also received warrants to purchase 29 million additional shares of common stock at an exercise price of $1.815. Complete terms of the transaction will be described in a Form 8-K to be filed with the Securities and Exchange Commission. With this agreement, the Quercus Trust and its affiliates will own approximately 24.1 percent of the equity ownership in WorldWater on a fully diluted basis.
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