Calm Seas Capital will purchase company’s shares over two-year period
By Devika Patel
Knoxville, Tenn., Oct. 3 – Kraig Biocraft Laboratories, Inc. arranged a $7.5 million equity line of financing with Calm Seas Capital, LLC on Oct. 2, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may draw up to $7.5 million by selling its class A common shares over two years.
The purchase price per share will be equal to 80% of the lowest price of the stock during the five trading days following the put notice.
The shares will be sold in tranches equal to the lesser of the product of 200% of the average daily volume of the stock for the 10 trading days preceding the put notice date multiplied by the average of the daily closing prices for the 10 trading days preceding the put date, or $100,000.
The Lansing, Mich., company develops protein-based fibers, using recombinant deoxyribonucleic acid technology for commercial applications in the specialty fiber and technical textile industries.
| Issuer: | Kraig Biocraft Laboratories, Inc.
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| Issue: | Equity line of financing
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| Amount: | $7.5 million
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| Tenor: | Two years
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| Price: | 80% of the lowest price of the stock during the five trading days following the put notice
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| Warrants: | No
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| Investor: | Calm Seas Capital, LLC
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| Settlement date: | Oct. 2
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| Stock symbol: | OTCBB: KBLB
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| Stock price: | $0.04 at close Oct. 1
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| Market capitalization: | $28.62 million
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