alpha-En Corporation announced that it has entered into a preferred stock purchase agreement for a private placement of 1,500 series B preferred shares at a price of $1,000 per share for gross proceeds of $1,500,000 on April 9, 2019. The transaction will involve participation from accredited and institutional investors. The preferred shares carry fixed cumulative dividends at a rate equal to 10.0% simple interest per annum. Accrued dividends will be payable quarterly based on a 365-day year and may be paid in cash or in additional shares of preferred shares. The preferred shares are convertible into 2,000 shares of common stock, subject to customary increases or decreases for stock splits, stock dividends recapitalizations and the like, and may be convert to common stock at any time after issuance at the option of a holder. The company will also issue warrants exercisable at $0.75 per share and will be exercisable post five years from the issuance date. For each preferred shares purchased the investors will receive a warrant to purchase 1,000 common shares. The company will have the right to redeem all or a portion of the preferred shares after one year anniversary from closing of the transaction. The preferred shares will have a senior ranking in comparison to common shares. Certain directors of the company have committed to subscribe shares for $300,000. The conversion price was approximately $0.39 per share.