DayStar Technologies Inc., a developer of solar photovoltaic products based on copper indium gallium diselenide thin-film deposition technology, has entered into an agreement with Dynamic Worldwide Solar Energy LLC, which will provide DayStar with a bridge loan of up to the principal amount of $3 million.
On April 29, Dynamic funded the first tranche of the loan in an amount of $650,000. In connection with the funding of the first tranche of the Loan, DayStar issued to Dynamic a note in the principal amount of $650,000, convertible at the option of Dynamic into shares of DayStar common stock at $0.30 per share and a warrant entitling Dynamic to purchase 2,166,667 shares of common stock at an exercise price of $0.70 per share.
The funding of subsequent tranches of the loan, up to a maximum of $3 million, will be subject to the discretion of Dynamic and will be on terms comparable to those applicable to the first tranche, DayStar notes.
SOURCE: DayStar Technologies Inc.