World Energy Announces New Financing of up to US$2.5M
WORCESTER, MA, Nov. 5 -- World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it has entered into an agreement with Bond Capital, Ltd. (Bond), a strategic partner of the Company, for the purchase of up to US $2.5 million of Company common stock.
Pursuant to the agreement, the purchasing entity, an affiliate of Bond, will acquire US$1.0 million of World Energy's common stock at US$2.97 per share. World Energy has agreed to offer the additional US$1.5 million in Company shares on the same terms to Bond or its designee - with price to be determined at the time of investment - through December 31, 2009.
Proceeds from the transaction will be used for general corporate purposes, including supporting the Company's growth initiatives.
About World Energy Solutions, Inc.
World Energy (NASDAQ: XWES; TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas, capacity, and green-energy assets who are impacted by today's volatile markets, World Energy's proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to enabling customers to seek competitive pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental-commodities markets. Its award-winning World Green Exchange(R) supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.