Private Equity Investment from Existing Shareholders

US Waste to Energy Firm Blue Sphere Secures Nearly $2m

Blue Sphere Corp. (OTCQB: BLSP) a waste to energy developer based in North Carolina, has closed on a private equity investment round with three of its current shareholders worth $1.925 million through the sale of common stock and warrants.

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Blue Sphere Corp. (OTCQB: BLSP) a waste to energy developer based in North Carolina, has closed on a private equity investment round with three of its current shareholders worth $1.925 million through the sale of common stock and warrants.

 

The company explained the Securities (Stocks and Warrents) were purchased at a price per share equal to the closing price for Blue Sphere's Common Stock as of February 12, 2016, or $0.055 per share.

 

Additionally, the company said that investors were each issued Warrants to purchase an amount of its Common Stock equal to 50% of the Shares purchased by the investors in the Private Placement. The Warrant exercise price is $0.10 per share of common stock.

 

The net proceeds from the Private Placement will be used by the company to accelerate its growth and for general business activities.

Blue Sphere said that its goals for 2016 include a potential up-listing to a major exchange, expanding its base of European assets with guaranteed EBITDA beyond the four fully operational biogas facilities previously announced (valued at over $26 million), and seeing the two previously announced and under-construction US biogas facilities ($46 million construction cost) with 15-year power purchase agreements come online.

 

The company sold the Shares and Warrants to investment funds affiliated with Lazarus Management Company LLC, which had previously purchased the company's common stock, as disclosed in Lazarus' Schedule 13G filing, dated January 7, 2016.

 

"The proceeds will allow the company to act more aggressively on the full pipeline of opportunities at hand. 2015 was an important year for the company in terms of acquiring and developing assets including its four Italian facilities which the company expects to generate approximately $4.1 million in annual EBITDA,” commented Shlomi Palas, the Blue Sphere’s CEO.



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