Leisure and entertainment company gets three-year deal with Southridge
By Devika Patel
Knoxville, Tenn., Nov. 8 - Monkey Rock Group, Inc. arranged a $10 million equity credit agreement with Southridge Partners II LP on Nov. 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
Under the terms of the three-year agreement, Southridge may buy company shares at a price per share equal to 92% of the average of two lowest closing bid prices of any two trading days within the five-trading-day period following a drawdown notice.
Sturgis, S.D.-based Monkey Rock is a European-styled leisure concept that serves select North American markets with delivery of food, beverage and live adult-themed entertainment venues.
| Issuer: | Monkey Rock Group, Inc.
|
| Issue: | Equity credit agreement
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 95% of the lowest closing bid price for the five trading days following a drawdown notice
|
| Warrants: | No
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| Investor: | Southridge Partners II LLP
|
| Settlement date: | Nov. 2
|
| Stock symbol: | OTCBB: MKRO
|
| Stock price: | $0.84 at close Nov. 2
|
| Market capitalization: | $8.98 million
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