By Devika Patel
Knoxville, Tenn., Oct. 5 - IA Global Inc. negotiated a $5 million two-year committed equity financing facility with Ascendiant Capital Group, LLC on Sept. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company may sell its shares to Ascendiant Capital Group over two years at a 10% discount to the volume-weighted average price in tranches of up to $250,000.
Proceeds will be used for working capital and other general corporate purposes.
Based in Burlingame, Calif., IA Global acquires Japanese companies focused on gaming, entertainment and technology.
Issuer: | IA Global Inc.
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Issue: | Committed equity financing facility
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Amount: | $5 million
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Tenor: | Two years
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Price: | 90% of volume-weighted average price
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Warrants: | No
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Investor: | Ascendiant Capital Group, LLC
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Settlement date: | Oct. 5
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Stock symbol: | Amex: IAO
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Stock price: | $0.05 at close Oct. 2
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Market capitalization: | $11.1 million
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