alpha-En Corporation (OTC: ALPE), an innovative clean technology company focused on enabling next-generation battery technologies by producing high purity lithium metal and associated products, announced the completion of a private placement of approximately $1.8 million in convertible preferred shares and warrants to purchase common shares.
"We are grateful to the far-sighted investors who have joined this round, allowing us to raise more capital in this placement than we had originally targeted," said alpha-En Founder and Executive Chairman Jerome Feldman. "Bringing a revolutionary new technology to market for an industry as big as today's energy storage industry means a fairly constant or even escalating expense level, even before the product is generally available. In this case, we believe the new power of lithium metal batteries will be very convincing to the international energy storage companies, and we are pleased to be enlarging our list of informed and enthusiastic investors."
Terms of the private placement can be found on a Form 8-K to be filed with the Securities and Exchange Commission on May 17, 2017.