EuroSite Power Inc. (EUSP) Friday announced offering of $4 million aggregate principal amount of senior unsecured convertible notes, due 2015.
The notes will accrue interest at the rate of 4 percent per annum, payable in cash on a semi-annual basis.
At the holder's option, the notes may be converted into shares at an initial conversion rate of 1,000 shares per $1,000 principal amount of the notes, subject to adjustment.
The proceeds of the offering will be available for the development and installation of current and new energy systems, business development and for general corporate purposes.
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