Deal negotiated with Lincoln Park raises cash for working capital
By Devika Patel
Knoxville, Tenn., Jan. 6 - GelTech Solutions, Inc. arranged a $5 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Jan. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over 30 months in tranches ranging from $30,000 to $500,000 at a price based on the prevailing market prices without any fixed discount.
Upon signing the agreement, GelTech received $100,000 in exchange for 166,667 common shares.
Proceeds will be used for working capital and other general corporate purposes.
Jupiter, Fla.-based GelTech is a biotechnology company.
| Issuer: | GelTech Solutions, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Tenor: | 30 months
|
| Price: | No fixed discount
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Settlement date: | Jan. 4 (for $100,000)
|
| Stock symbol: | OTCBB: GLTC
|
| Stock price: | $0.50 at close Jan. 4
|
| Market capitalization: | $10.85 million
|
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