By Devika Patel
Knoxville, Tenn., Dec. 11 - Octus, Inc. negotiated a $5 million two-year reserve equity financing agreement with AGS Capital Group, LLC on Dec. 6, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may draw the funds in tranches of up to 50% of the average daily trading volume for the five days immediately preceding the advance notice. The shares will be sold at a purchase price equal to 92% of the volume weighted average price of the company's common stock during the five-day period following the advance notice.
Based in Davis, Calif., Octus develops and delivers smart, energy-efficient technologies.
| Issuer: | Octus, Inc.
|
| Issue: | Reserve equity financing agreement
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| Amount: | $5 million
|
| Tenor: | Two years
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| Price: | 92% of the volume weighted average price of the company's common stock for five days following advance notice
|
| Warrants: | No
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| Investor: | AGS Capital Group, LLC
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| Settlement date: | Dec. 6
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| Stock symbol: | OTCBB: OCTIE
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| Stock price: | $0.15 at close Dec. 6
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