GreenHunter Energy’s Largest Institutional Shareholder Voluntarily Converts Existing Preferred Stock Into Common Stock At $...
Date : 06/12/2009 @ 9:00AM
Source : Business Wire
Stock : GreenHunter Energy, Inc. (GRH)
Quote : 2.5 -0.37 (-12.89%) @ 8:00PM
GreenHunter Energy’s Largest Institutional Shareholder Voluntarily Converts Existing Preferred Stock Into Common Stock At $...
GREENHUNTER ENERGY, INC. (NYSE Amex: GRH), a diversified renewable energy company focused on wind development projects, biomass power generation and the production of biodiesel, announced today that its largest institutional investor, West Coast Opportunity Fund, LLC, has elected to convert a significant portion of its Series A 8% Convertible Preferred Stock into Common Stock of GreenHunter Energy (NYSE Amex: GRH). Pursuant to the terms of the conversion, as of June 10, 2009, West Coast Opportunity Fund, LLC has converted 5,000 shares of its Series A 8% Convertible Preferred Stock into 1,000,000 shares of Common Stock of GreenHunter Energy at a price of $5 per share.
Commenting on this event, Mr. Gary C. Evans, Chairman, President and CEO of GreenHunter Energy, stated, “West Coast Asset Management has been a significant investor and supporter of GreenHunter Energy since we originally began raising outside investor capital in 2007. We are pleased with their recent decision to convert a large portion of their existing preferred stock ownership into common shares of the Company. This decision should benefit all common shareholders of GreenHunter Energy, Inc. by providing our Company greater financial flexibility in our ability to access capital markets in the future.”
