Investor Southridge to buy company common shares over two-year period
By Devika Patel
Knoxville, Tenn., July 8 - East Coast Diversified Corp. arranged a $10 million two-year equity purchase agreement with Southridge Partners II LP on July 1, according to an 8-K filed Friday with the Securities and Exchange Commission.
The purchase price for the shares will be equal to 92% of the average of the lowest two daily closing prices of any two trading days during the five trading days immediately following the put notice.
Southridge also received a fee of 600,000 restricted common shares.
The Fort Lauderdale, Fla., company is constructing an entertainment center in Miami.
| Issuer: | East Coast Diversified Corp.
|
| Issue: | Equity purchase agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 8% discount
|
| Warrants: | No
|
| Investor: | Southridge Partners II LLP
|
| Fees: | 600,000 restricted common shares
|
| Settlement date: | July 1
|
| Stock symbol: | OTCBB: ECDC
|
| Stock price: | $0.02 at close July 1
|
| Market capitalization: | $4.31 million
|
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