Investor Kodiak Capital will purchase common shares over 18 months
By Devika Patel
Knoxville, Tenn., May 9 - GEI Global Energy Corp. said it revised the terms of a $10 million common stock purchase agreement with Kodiak Capital Group, LLC. The deal priced April 9.
The company may sell up to $10 million of common stock to Kodiak over 18 months. The agreement originally spanned one year.
Proceeds will be used to accelerate the global commercialization of the GEI X5 World Fuel Cell Electric Power Generator.
Flint, Mich.-based GEI Global Energy makes fuel cells.
| Issuer: | GEI Global Energy Corp.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $10 million
|
| Tenor: | 18 months
|
| Price: | 75% of lowest closing bid price during five trading days immediately following put notice
|
| Warrants: | No
|
| Investor: | Kodiak Capital Group, LLC
|
| Pricing date: | April 9
|
| Revised: | May 9
|
| Stock symbol: | OTCBB: GEIG
|
| Stock price: | $0.45 at close April 14
|
| Market capitalization: | $20.17 million
|
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