Deal with Southridge will span two years; Capital Path was the agent
By Devika Patel
Knoxville, Tenn., Feb. 29 - Entest BioMedical Inc. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on Feb. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Capital Path Securities LLC was the agent.
Over the course of two years, the investor will buy shares in tranches at a purchase price equal to 91% of the average of the two lowest closing bid prices during the pricing period.
Southridge also agreed to convert the $88,798 in principal and interest that the company owes the investor into common stock.
Entest is a La Mesa, Calif., biomedical company that develops therapies, medical devices and medical testing procedures.
Issuer: | Entest BioMedical Inc.
|
Issue: | Equity purchase agreement
|
Amount: | $10 million
|
Tenor: | Two years
|
Price: | 9% discount
|
Warrants: | No
|
Agent: | Capital Path Securities LLC
|
Investor: | Southridge Partners II, LP
|
Pricing date: | Feb. 27
|
Stock symbol: | Pink Sheets: ENTB
|
Stock price: | $0.03 at close Feb. 24
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.