Three-year investment agreement planned with investor Hanover Holdings
By Devika Patel
Knoxville, Tenn., June 28 - Santo Mining Corp. arranged a $16 million three-year common stock purchase agreement with Hanover Holdings I, LLC on June 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The shares will be sold at a purchase price equal to 92.5% of the arithmetic average of the five lowest volume-weighted average prices that equal or exceed the product of 0.70 and the volume-weighted average price over the 10 trading days immediately preceding the put notification date.
Each tranche will be limited to 300% of the average daily trading volume of the stock for the five trading days immediately preceding the put notification date.
Santo is a gold and polymetallic mining company based in Santo Domingo, Dominican Republic.
| Issuer: | Santo Mining Corp.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $16 million
|
| Tenor: | Three years
|
| Price: | 92.5% of the arithmetic average of the five lowest volume-weighted average prices that equal or exceed the product of 0.70 and the volume-weighted average price over the 10 trading days immediately preceding the put notification date
|
| Warrants: | No
|
| Investor: | Hanover Holdings I, LLC
|
| Settlement date: | June 20
|
| Stock symbol: | OTCBB: SANP
|
| Stock price: | $0.14 at close June 19
|
| Market capitalization: | $8.33 million
|
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