Californian packaging manufacturer EarthShell Corporation has raised US$10m in a secured convertible debenture financing with a group of institutional investors.
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The secured convertible debentures are initially convertible by the holders into shares of EarthShell common stock at a conversion price of US$1.30 per share. As part of the transaction, EarthShell issued to the investors warrants to purchase 2.5 million shares of its common stock at an initial exercise price of US$1.20 per share.
The convertible debentures, warrants, shares of common stock issuable upon conversion of the debentures and shares of common stock sold to the investors were issued under the company’s shelf registration statement, as amended (registration number 333-76092), which was declared effective by the Securities and Exchange Commission (SEC) on 7 January 2002.
Proceeds from the financing will be used for working capital purposes.
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