The first installation at MIT Talegaon Campus out of a total capacity of 4 MW. This system is synchronised with DG set and will control the output of solar as per load and DG reserve capacity using a special controller. It is a great honour to be working as the Lead Consultant for this entire project...Amit Rane
RGS Energy, a residential and small commercial solar company since 1978, has completed the previously announced $4.1 million offering of units consisting of its Class A common stock (issued as part of the units or underlying a prepaid Series J warrant) and Series I common stock warrants at a price of $0.22 per unit. Each unit consists of one share of Class A common stock and a Series I warrant to purchase one share of Class A common stock, as described in the Current Report on Form 8-K filed by the company on December 13, 2016. Notwithstanding the Company’s December 8, 2016, press release, the Company did not issue any Series J warrants in connection with the closing of the offering.
The Series I warrants are exercisable immediately after issuance at an exercise price of $0.35 per share and for a period of five years thereafter. After placement agent fees and other estimated offering expenses, the net offering proceeds to RGS Energy total approximately $3.6 million. “With this offering, we expect to report positive stockholders’ equity and working capital at the end of the year,” said RGS Energy CEO Dennis Lacey. “Through the end of September, we did not have access to financial capital to execute our business turnaround strategy. However, we have since received capital from our convertible preferred offering and convertible notes financing to execute our strategy. As such, we have been purchasing equipment and converting our backlog to revenue at a faster pace than in the third quarter.”
Roth Capital Partners and WestPark Capital, Inc. acted as the exclusive co-placement agents in the offering. This offering was conducted under a shelf registration statement on Form S-3 (File No. 333- 193718), including a base prospectus previously filed and declared effective by the Securities and Exchange Commission (“SEC”). The final prospectus supplement relating to the offering was filed with the SEC on December 12, 2016 and is available on www.sec.gov.