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InnSuites Hospitality Trust to invest in UniGen Power

InnSuites Hospitality Trust agreed to invest at least $1.5 million in power generator technology company UniGen Power Inc. under a 2019 convertible debenture purchase agreement between the parties.

The hotel landlord will buy a 6% $600,000 convertible debenture and a 6% $400,000 convertible debenture to close Feb. 1, 2020.

The investment also includes the right to exercise a class A common stock purchase warrant for 1 million shares at $1.00 apiece, the right to exercise an additional class A common stock purchase warrant for 200,000 shares at $2.25 each and the establishment of a convertible, 6% $500,000 line of credit. The credit line is valid for up to 24 months starting Feb. 28, 2020.

If it funds the debentures and exercises the warrants in full, InnSuites will hold 2.7 million shares, or about 29.35%, of UniGen's class A common stock on a fully diluted basis before an offering.

As part of the deal, UniGen expanded its board to six directors with the addition of InnSuites CEO James Wirth and Executive Vice President Marc Berg.