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Filing Details

Accession Number:: 0001565778-16-000029
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-11-22 16:18:38
Reporting Period:: 2016-11-18

Filing Date:: 2016-11-22
Accepted Time:: 2016-11-22 16:18:38
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
728385	Midwest Energy Emissions Corp.	MEEC	Measuring & Controlling Devices, Nec (3829)	870398271

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1565778	Alterna Core Capital Assets Fund Ii, L.p.	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06987	No	No	Yes	No
1617820	V. Harry Toll	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1618838	Earle Goldin	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1619288	P. Roger Miller	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1619289	M. Eric Press	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1619570	Ac Midwest Energy Llc	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1619571	Alterna Capital Partners Llc	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No
1619585	Alterna General Partner Ii Llc	C/O Alterna Capital Partners Llc 15 River Road, Suite 320 Wilton CT 06897	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.0001	Acquisiton	2016-11-18	1,700,000	$1.20	51,497,819	No	4	P	Indirect	By AC Midwest Energy LLC

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By AC Midwest Energy LLC

Footnotes

As previously reported, on August 14, 2014, the Issuer, the Issuer's wholly-owned subsidiary and AC Midwest Energy LLC ("AC Midwest") entered into a series of agreements, including a certain Financing Agreement (the "Original Financing Agreement"), pursuant to the terms of which AC Midwest purchased from the Issuer a 12% senior secured convertible note in the principal amount of $10 million (the "Original Convertible Note") and a five year warrant (the "First Warrant") to purchase up to an additional 12,500,000 shares of the Issuer's common stock, par value $0.001 per share (the "Common Stock"). The First Warrant is subject to percentage based anti-dilution protection requiring that the aggregate number of shares of Common Stock purchasable upon its initial exercise not be less than an amount equal to 15% of the Issuer's then outstanding shares of capital stock on a fully diluted basis.
On March 16, 2015, the above-referenced parties entered into series of amendments related to the Original Financing Agreement, including (i) a Wavier and Amendment to Financing Agreement and Reaffirmation of Guaranty (the "Amended Financing Agreement"), pursuant to which the Issuer made a $3 million payment toward the principal balance of the Original Convertible Note and the conversion price of the Original Convertible Note was adjusted to $0.50 per share of Common Stock, and (ii) an amendment to the First Warrant, pursuant to which the exercise price of the First Warrant was adjusted to $0.50 per share of Common Stock.
On November 16, 2015, the above-referenced parties entered into a second series of amendments related to the Amended Financing Agreement (the "Second Amended Financing Agreement"), pursuant to which AC Midwest purchased from the Issuer an additional 12% senior secured convertible note in the principal amount of $600,000 with a conversion price of $0.50 per share of Common Stock (the "Second Convertible Note" and, together with the Original Convertible Note, the "Notes") and a five year warrant to purchase up to an additional 3,600,000 shares of Common Stock at an exercise price of $0.35 per share of Common Stock (the "Second Warrant"). The Second Warrant is subject to percentage based anti-dilution protection requiring that the aggregate number of shares of Common Stock purchasable upon any exercise date not be less than an amount equal to 4.3% of the Issuer's then outstanding shares of capital stock on a fully diluted basis.
Interest on the Notes was payable at a rate of 2% in cash and 10% in kind (the "PIK Interest") through August 13, 2016 and thereafter is payable entirely in cash. Interest is calculated on the basis of a 360-day year and actual days elapsed, and it accrues or is payable, as applicable, monthly in arrears on or before the last day of each calendar month. As of August 31, 2016, the outstanding principal balance of the Notes together with all accrued interest thereon was $9,647,217.
On January 28, 2016, the above-referenced parties entered into a third series of amendments related to the Second Amended Financing Agreement (the "Third Amended Financing Agreement" and, together with the Original Financing Agreement, Amended Financing Agreement and Second Amended Financing Agreement, the "Financing Agreement"), pursuant to which AC Midwest caused its bank to issue a standby letter of credit on behalf of the Issuer, in consideration of, among other things, the Issuer's issuance of a five year warrant to purchase up to an additional 2,000,000 shares of Common Stock at an exercise price of $0.35 per share of Common Stock (the "Third Warrant"). The Third Warrant is subject to percentage based anti-dilution protection requiring that the aggregate number of shares of Common Stock purchasable upon its initial exercise not be less than an amount equal to 7.2% of the Issuer's then outstanding shares of capital stock on a fully diluted basis.
On November 18, 2016, AC Midwest purchased 1,700,000 shares of the Issuer's Common Stock, at a price of $1.20 per share, as part of a private offering transaction.
This statement is jointly filed by and on behalf of each of Alterna Core Capital Assets Fund II, L.P. ("Fund II"), Alterna Capital Partners LLC ("Alterna"), Alterna General Partner II LLC ("Fund II General Partner"), AC Midwest, Harry V. Toll, Eric M. Press, Roger P. Miller and Earle Goldin. AC Midwest is the record and direct beneficial owner of the securities covered by this statement. Fund II owns all of the outstanding equity interests of AC Midwest and may be deemed to beneficially own securities held by AC Midwest.
Alterna, in its capacity as investment adviser to Fund II, has the ability to direct the investment decisions of the Fund II, including the power to vote and dispose of securities held by AC Midwest and may be deemed to beneficially own securities held by AC Midwest. Fund II General Partner, in its capacity as the general partner of Fund II, has the ability to direct the management of Fund II's business, including the power to direct the decisions of Fund II regarding the vote and disposition of securities held by AC Midwest and may be deemed to beneficially own securities held by AC Midwest.
Each of Messrs. Toll, Furnivall, Press and Miller, by virtue of their role as managing members of Alterna, and Mr. Goldin, by virtue of his role as a member of Alterna, may be deemed to have shared power regarding the vote and disposition of securities held by AC Midwest and may be deemed to beneficially own securities held by AC Midwest.