SPI nets private placement of US$40 million

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  Vision Edge will buy US$20 million of convertible promissory note issued by SPI through the private placement. Image: SPI

PV developer Solar Power Inc. (SPI) has entered into a convertible promissory note purchase agreement and an option agreement with Vision Edge Limited relating to a new private placement of up to US$40 million.

As part of the deal, Vision Edge has agreed to buy US$20 million of convertible promissory note issued by SPI through the private placement. SPI also granted Vision Edge with an option to purchase US$20 million of SPI’s common stock over the next six months at US$2.70 per share.

SPI has noted numerous financial deals over the last few months, agreeing to a strategic partnership with Kong Sun Holdings Company earlier this month, while also raising US$50 million in private share placement in May.