By Sheri Kasprzak
Atlanta, Jan. 27 - B2Digital Inc. raised $12.5 million in an equity line from Dutchess Private Equities Fund II LP.
B2Digital, under the terms of the agreement, may draw upon the line over a 36-month period at its discretion. In turn, B2Digital will sell shares equal to $12.5 million in Dutchess at a price equal to 94% of the lowest closing bid price for five trading days after notice.
There is a $1 million ceiling for each put in the agreement. The number of shares the company may sell for each put is equal to either 200% of the average daily volume for 10 days before the put notice multiplied by the average three daily closing bid prices immediately before the put date or $25,000.
Based in Beverly Hills, B2Digital provides video-on-demand and pay-per-view services to the hospitality industry. The company plans to use the proceeds from the equity line to expedite its business development plan.
| Issuer: | B2Digital Inc.
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| Issue: | Equity line
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| Amount: | $12.5 million
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| Tenor: | 36 months
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| Price: | Equal to 94% of the lowest closing bid for five trading days after notice
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| Warrants: | No
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| Investor: | Dutchess Private Equities Fund II LP
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| Settlement date: | Jan. 14
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| Stock price: | $0.01 at close Jan. 14
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