By Sheri Kasprzak
New York, Aug. 10 - Edgar Filing.net, Inc. said it has entered into a $10 million standby equity distribution agreement with Cornell Capital Partners, LP.
Under the terms of the agreement, Cornell will buy shares at 96% of the lowest closing bid price of the company's stock on the date of the request for a draw.
The company may only draw $500,000 from the equity line in a five-day period.
Newbridge Securities Corp. was the placement agent for the transaction.
Separately, Edgar Filing.net raised $500,000 from a convertible debenture offering with Montgomery Equity Partners, Ltd.
The nine-month debentures bear interest at 14% and are convertible into common shares at $0.04 each.
Montgomery received three warrants - the first for 3,846,154 shares exercisable at $0.065 each, the second for 2,083,333 shares exercisable at $0.12 each and the third for 200,000 shares exercisable at $0.25 each. The warrants all expire in five years.
Based in New York, Edgar Filing.net provides access to Securities and Exchange Commission filings via the internet.
| Issuer: | Edgar Filing.net, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Price: | 96% of the lowest closing bid price on the day of a draw request
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Newbridge Securities Corp.
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| Settlement date: | Aug. 3
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| Stock price: | $0.03 at close Aug. 3
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