RGS seeks $7 million in private equity
Last Updated: 15:31 July 7, 2014
The expected net proceeds of about $6.4 million – after placement agent fees and offering expenses are paid – would be used to support the company’s launch of its residential leasing platform and for general working capital purposes, a company press release stated.
RGS (Nasdaq: RGSE) builds, designs and installs solar projects for both commercial and residential customers. On Monday, the company announced that it had been selected by Solarize Troy, a non-profit purchasing cooperative, to provide solar electricity to home and business owners in Troy, N.Y., either through direct sales or leases of solar systems.
The private placement is slated to close by Thursday. As part of the deal, the company will issue units consisting of more than 2.9 million shares of Class A common stock and warrants to purchase up to more than 1.3 million additional shares of Class A common stock.
The unit price is $2.40. Each unit consists of one share of Class A common stock and a warrant to purchase 0.45 shares of stock at a price of $3.19 per share. The warrants are exercisable beginning six months after issuance and for five years thereafter.
Roth Capital Partners is the lead placement agent on the deal, and Maxim Group LLC is serving as co-placement agent.
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