By Devika Patel
Knoxville, Tenn., Oct. 6 - Micro Imaging Technology, Inc. arranged a $3 million three-year committed equity financing facility with Ascendiant Capital Group, LLC, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company may draw the funds in tranches of up to $100,000 at a purchase price equal to 90% of the volume weighted average price of the company's common stock on that day.
Proceeds will be used to accelerate the commercialization of the company's products and business growth.
Micro Imaging is a San Clemente, Calif., holding company.
| Issuer: | Micro Imaging Technology, Inc.
|
| Issue: | Committed equity financing facility
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| Amount: | $3 million
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| Tenor: | Three years
|
| Price: | 90% of the volume weighted average price of the company's common stock
|
| Warrants: | No
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| Investor: | Ascendiant Capital Group, LLC
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| Settlement date: | Oct. 6
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| Stock symbol: | OTCBB: MMTC
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| Stock price: | $0.07 at close Oct. 5
|
| Market capitalization: | $8.28 million
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