By Devika Patel
Knoxville, Tenn., Feb. 4 - Mezey Howarth Racing Stables, Inc. has obtained a $10 million equity line of credit, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell the shares to Dutchess Private Equities Fund, Ltd. over the course of three years. For each purchase, the company will either receive, at Mezey Howarth's option, up to $250,000 or 200% of the average daily volume of its common stock for the 10 trading days preceding the purchase multiplied by the average of the three daily closing bid prices immediate preceding the put date, or the date that Dutchess Private Equities receives a put notice from Mezey Howarth.
The purchase price will be set at 93% of the lowest closing best bid price of the company's common stock during the five consecutive trading days immediately after the put date.
San Clemente, Calif.-based Mezey Howarth Racing Stables is a thoroughbred racing company.
| Issuer: | Mezey Howarth Racing Stables, Inc.
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| Issue: | Investment agreement
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| Amount: | $10 million
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| Maturity: | 3 years
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| Conversion price: | 93% of the lowest closing best bid price of the company's common stock during the five consecutive trading days immediately after the put date
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| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, Ltd.
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| Pricing date: | Feb. 4
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| Stock symbol: | OTCBB: MZYH
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| Stock price: | $0.18 at close Feb. 4
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