STG Markets Limited Partnership has issued 111 limited partnership (LP) units at $10,000 per LP unit for gross proceeds of $1,11 million. Each LP unit is callable by Sustainable Energy Technologies Ltd. after Dec. 31, 2008, in exchange for 100,000 common shares of Sustainable Energy. Directors (and related parties) of Sustainable Energy acquired 14 LP units.
STG Markets is a limited partnership controlled by Sustainable Energy. The company designs, manufactures and distributes inverters for distributed alternative energy applications incorporating patented technologies developed and owned by Sustainable Energy. Investors acquiring LP units are entitled to their proportionate share of non-capital losses incurred by the partnership during the 2008 calendar year.
LP units of STG Markets and common shares of Sustainable Energy issued in exchange for LP units will be subject to a four-month hold period from Dec. 30, 2008. The company has paid finders' fees in connection with the issue of $75,000. The net proceeds of the issue will be used for general corporate purposes.
SOURCE: Sustainable Energy Technologies Ltd.
