Midwest Energy Emissions Corp. Announces Amendments with Junior Note Holders
June 15, 2015
ME2C announced that all holders of the Company's unsecured 12% Convertible Promissory Notes issued between April 2012 and January 2013 have agreed to extend the maturity dates of the Notes by 12 months from their original maturity dates together with other modifications. The Company reported that it began the process of seeking such amendments from such holders in April 2015. The Company also stated that approximately 1/3 of the principal outstanding as of March 31, 2015, has already been converted into shares of the Company.
Stated President and CEO Richard MacPherson, "Our ability to successfully reach agreement with 100% of the holders of these notes - most of which were originally set to mature during 2015 - demonstrates confidence and support from our early investor base. These notes, which were offered in 2012 and early 2013, had a total principal outstanding of approximately $3.4 million at March 31, 2015, which has now been reduced by over $1.0 million as a result of the recent conversions. We greatly appreciate the continued support of our investors as we focus on our growth initiatives of systems installations, procurement of new business, and entering into what we estimate to be a period of significant business development in the coming twelve months."