Grapevine, Texas-based GreenHunter Energy Inc., a diversified renewable energy company focused on wind development projects, biomass power generation and the production of biodiesel, has announced that its largest institutional investor, West Coast Opportunity Fund LLC, has elected to convert a significant portion of its Series A 8% convertible preferred stock into common stock of GreenHunter Energy.
‘West Coast Asset Management has been a significant investor and supporter of GreenHunter Energy since we originally began raising outside investor capital in 2007,’ Gary C. Evans, chairman, president and CEO of GreenHunter Energy. ‘We are pleased with their recent decision to convert a large portion of their existing preferred stock ownership into common shares of the company.’
Pursuant to the terms of the conversion, West Coast Opportunity Fund has converted 5,000 shares of its Series A 8% convertible preferred stock into one million shares of common stock of GreenHunter Energy at a price of $5 per share.
SOURCE: GreenHunter Energy Inc.
