By Sheri Kasprzak
Atlanta, April 28 - AIMS Worldwide, Inc. said it has received a $35 million standby equity distribution agreement from Cornell Capital Partners, LP.
The company may sell Cornell shares at 99% of the lowest weighted average price of the company's stock five days after notice of a draw. The term of the agreement is for two years.
There is a $3.5 million limit on each advance. Cornell will retain 5% of each advance and will receive stock equal to $290,000 as a fee.
Sloan Securities Corp. was the placement agent in the transaction.
Based in Fairfax, Va., AIMS is a media and marketing acquisition company.
| Issuer: | AIMS Worldwide, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $35 million
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| Price: | 99% of the lowest weighted average price for five days after notice
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Sloan Securities Corp.
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| Settlement date: | April 25
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| Stock price: | $0.73 at close April 25
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