Blue Sphere Corp. (BLSP) shares skyrocket on new line of credit
Posted on: August 22nd, 2011Written by:
Blue Sphere Corp. (OTCBB: BLSP) shares traveled 18.3% higher to 14.9 cents, on announcing the signing of a $20,000,000 Equity Funding Facility with Centurion Private Equity, LLC. Volume for the stock was 13,300 shares in the final hour of Monday’s trading, compared to an all-day average of about 23,400.
A news release posted August 22 said that under the Equity Funding Facility, the Company may, at its discretion, periodically sell to Centurion shares of BLSP’s common stock at a price based upon a discount to the market price (as defined in the investment agreement) of the Company’s common stock.
Shlomi Palas, Blue Sphere’s Chief Executive Officer, was quoted thus in the release: “Thanks to the efforts of JSBarkats PLLC, our corporate securities attorneys and, specifically, Sunny J. Barkats, its founding partner, we were able to identify and secure this financing that allows the Company to access some liquidity to be used for developing and expanding our business.”
The Israel-based Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company intends to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals.
