Sustainable Energy Technologies Ltd. (Calgary, Alberta) announced that it has signed a binding letter of intent with TOM Capital Associates, a private investment firm, to raise up to $700,000 by issuing secured convertible debentures plus common-share purchase warrants as well as agreeing to acquire a complementary wireless battery monitoring technology from TOM Capital, which is suitable for integration with Sustainable Energy's battery-charging products.
Under the letter of intent, TOM Capital and other investors will purchase a minimum of $400,000, and a maximum of $700,000 of units consisting of a 10-percent, two-year, secured convertible debenture, convertible into common shares of the company at $0.10 per share, plus four warrants to acquire one common share of the company at $0.10 per share for each $1.00 of convertible debenture. The debentures are subject to an early prepayment after one year if the shares of Sustainable Energy have traded above $0.25 per share for 20 consecutive trading days with a minimum volume of $10,000 per day.
