Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Warrants

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Note 8 - Warrants
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Warrants and Rights [Text Block]
8.
WARRANTS
 
On
April 26, 2018,
the Company closed a pri
vate placement of its Common Stock and Warrants to purchase its Common Stock (which were issued to certain investors in place of Common Stock to facilitate compliance with Jones Act restrictions) for aggregate gross proceeds of
$56,855,000
(the “PIPE Private Placement”) with certain qualified institutional buyers and other accredited investors. The PIPE Private Placement included the issuance of
2,168,586
shares of Common Stock (the “PIPE Shares”) and Warrants to purchase
674,164
shares of the Common Stock at an exercise price of
$0.01
per share (the “PIPE Warrants”). The PIPE Warrants were issued to Proyectos Globales de Energia y Servicios CME, S.A. de C.V. a variable capital corporation (sociedad anónima de capital variable) incorporated and existing under the laws of the United Mexican States (“CME”) and have a
25
-year term, which commenced
April 26, 2018.
 
As indicated in Note
4,
on
May 2, 2018,
the Company and Carlyle entered into the Exchange pursuant to which Carlyle exchanged
$50.0
million in principal amount of the Convertible Senior Notes for the Carlyle Warrants. The Carlyle Warrants have a
25
-year term, which commenced
May 2, 2018. 
 
On
May 31, 2018,
Carlyle exercised Carlyle Warrants to purchase a total of
250,585
shares of Common Stock (after giving effect to the withholding of
108
shares of Common Stock as payment for the exercise price of the Warrants - see Note
14
) (the “Carlyle Warrant Exercise”). Following the Carlyle Warrant Exercise, Carlyle holds Warrants to purchase
1,636,099
shares of Common Stock at an exercise price of
$0.01
per share.
 
On
June 8, 2018,
CME exercised PIPE Warrants and paid an aggregate cash exercise price of
$0.01
per share to purchase a total of
38,857
shares of Common Stock (the “CME Warrant Exercise”). Following the CME Warrant Exercise, CME holds Warrants to purchase
635,307
shares of Common Stock at an exercise price of
$0.01
per share. 
 
   
Weighted Average Exercise Price
   
Number of Warrants
 
Balance as of December 31, 2017    
     
 
Warrants issued - January 1 - September 30, 2018   $
0.01
     
2,560,956
 
Warrants exercised - January 1 - September 30, 2018   $
0.01
     
(289,550
)
Balance as of September 30, 2018   $
0.01
     
2,271,406