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Lithium Technology Corporation Announces Financing With Cornell Capital Partners and Development and Production Activities.

Publication: PR Newswire
Publication Date: 26-OCT-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
PLYMOUTH MEETING, Pa., Oct. 26 /PRNewswire-FirstCall/ -- Lithium Technology Corporation ("LTC") (BULLETIN BOARD: LTHU) , announced today that it has received $3,000,000 in a convertible debenture financing with Cornell Capital Partners, LP ("Cornell Capital"). In March 2005 LTC entered into a Standby Equity Distribution Agreement ("SEDA") with Cornell Capital that established a $15 million equity financing.

The debentures are convertible at the option of Cornell Capital at $.06 per share, have a term of one year and accrue interest at 8% per year. Interest and principal payments on the debentures commence in January 2006. LTC can redeem the debentures for any reason until January 6, 2006 without any prepayment premium, and thereafter if LTC's common stock is trading below $0.06 with a prepayment premium of 15% of any amounts prepaid....

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