By Sheri Kasprzak
New York, Sept. 15 - Deep Field Technologies, Inc. said it has sealed up a $10 million standby equity distribution agreement with Cornell Capital Partners, LP.
Under the terms of the two-year agreement, Cornell will buy shares of Deep Field at 95% of the lowest trading price of the company's stock for the five trading days after notice of a draw.
There is a $600,000 ceiling on each advance.
Monitor Capital, Inc. was the placement agent for the offering.
Based in Matawan, N.J., Deep Field develops computerized telephony software.
| Issuer: | Deep Field Technologies, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | 95% of the lowest trading price five trading days after notice of a draw
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Monitor Capital, Inc.
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| Settlement date: | Sept. 9
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| Stock price: | $0.02 at close Sept. 9
|
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