By Sheri Kasprzak
New York, Sept. 14 - Homeland Security Network, Inc. obtained a $5 million equity line of credit with eFund Cap Fund II, LP.
Under the three-year agreement, eFund may buy shares of Homeland Security at 91% of the average of the four lowest bid prices for the five trading days before a draw.
Proceeds will be used for acquisitions, technology upgrades and marketing efforts.
Based in Frisco, Texas, Homeland Security provides tracking services for commercial trucking and cargo companies.
| Issuer: | Homeland Security Network, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 91% of the average of the four lowest bid prices for the five trading days before a draw
|
| Warrants: | No
|
| Investor: | eFund Cap Fund II, LP
|
| Settlement date: | Sept. 12
|
| Stock symbol: | OTCBB: HSYN
|
| Stock price: | $0.03 at close Sept. 12
|
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