Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada) announced that all the Series 2 common share purchase warrants, exercisable at $0.18 per share, and otherwise expiring on October 15, 2003, have been exercised. A total of 2,531,250 common shares were issued at $0.18 per share for net proceeds to the company of $455,625. As a result of the issue, the number of common shares issued and outstanding is now 35,614,238.
The proceeds of the issue will, in part, be used to fund the launch of Sustainable Energy's 5kW grid-interactive solar inverter. Sustainable Energy will initially target sales into the North American grid-connected solar power market. Led by California, this is currently the fastest growing segment of the global solar power market.