Investor Southridge to buy New Paltz., N.Y., holding company's shares
By Devika Patel
Knoxville, Tenn., Feb. 7 - American Scientific Resources, Inc. arranged an equity line agreement with Southridge Partners II LP on Feb. 3, according to an 8-K filed Monday with the Securities and Exchange Commission. The two-year agreement could raise $10 million.
The purchase price for the shares will be equal to 92% of the average of the lowest two daily closing prices for the five trading days immediately following the put notice.
The maximum amount of stock that may be sold in any single tranche will be the lesser of $500,000 or 250% of the average dollar trading volume of the stock for the 20 trading days immediately preceding the put date.
Southridge also received a five-year warrant for 25 million shares, which is exercisable at $0.00615. The strike price is a 33.7% premium to the Feb. 2 closing share price of $0.0046.
Based in New Paltz., N.Y., American Scientific is a holding company for surgical supply concerns.
| Issuer: | American Scientific Resources, Inc.
|
| Issue: | Equity credit agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | 8% discount
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| Warrants: | For 25 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.00615
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| Investor: | Southridge Partners II LLP
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| Settlement date: | Feb. 3
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| Stock symbol: | Pink Sheets: ASFX
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| Stock price: | $0.0048 at close Feb. 3
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| Market capitalization: | $9.65 million
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