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Article: Lithium Technology Corporation Announces Financing With Cornell Capital Partners and Development and Production Activities.
- Article from:
- PR Newswire
- Article date:
- October 26, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PLYMOUTH MEETING, Pa., Oct. 26 /PRNewswire-FirstCall/ -- Lithium Technology Corporation ("LTC") (BULLETIN BOARD: LTHU) , announced today that it has received $3,000,000 in a convertible debenture financing with Cornell Capital Partners, LP ("Cornell Capital"). In March 2005 LTC entered into a Standby Equity Distribution Agreement ("SEDA") with Cornell Capital that established a $15 million equity financing.
The debentures are convertible at the option of Cornell Capital at $.06 per share, have a term of one year and accrue interest at 8% per year. Interest and principal payments on the debentures commence in January 2006. LTC can redeem the debentures for any ...