By Sheri Kasprzak
Atlanta, Dec. 23 - Lyrtech Inc. said Thursday it received a $2 million standby equity distribution agreement from Nite Capital LP.
Nite will provide the funds for two years in exchange for shares at a price based on 90% of the volume-weighted average trading price for 10 consecutive trading days after the request.
There is a $150,000 ceiling on each request.
Nite Capital will also receive 101,010 class A shares at C$0.396 each, representing a commitment fee of $40,000.
Havenwood Capital Markets LLC was the placement agent in the transaction.
Lyrtech, based in Quebec City, is a digital signal processing technology company. The financing will provide the company access to capital for its current and planned operations.
| Issuer: | Lyrtech Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $2 million
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| Tenor: | Two years
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| Price: | 90% of the volume-weighted average trading price for 10 days following request
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| Warrants: | No
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| Placement agent: | Havenwood Capital Markets LLC
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| Investor: | Nite Capital LP
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| Pricing date: | Dec. 23
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| Stock price: | C$0.43 at close Dec. 23
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