In exchange for the interest in Sentinel, BECI provided, among other concessions, a $1m conditional draw down debenture and 10% of its common stock.
Conditional terms of the debenture include a conversion feature allowing BECI to convert its debenture into 7% to 11% of Syndication’s restricted common stock.
BECI CEO Brent Riddle said that the future of the energy industry is shifting toward the renewable energy markets and the Sentinel investment is a great first step in that direction and complements BECI’s overall energy development pursuits.
