Company to sell shares to AGS Capital at 9% discount over three years
By Devika Patel
Knoxville, Tenn., Aug. 8 - Orion Financial Group Inc. negotiated a $25 million reserve equity financing agreement with AGS Capital Group, LLC on July 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The deal will span three years. The purchase price will be 91% of the lowest of the best closing bid prices of the stock during the 15 consecutive trading days following an advance notice.
The common shares will be sold in tranches of up to $250,000, subject to a maximum of 200% of the average daily trading volume for the previous 10 trading days.
The investor will receive 200,000 common shares when the company's stock becomes publicly traded.
The private emerging growth company is based in San Jose, Calif. It plans to provide corporate financial consulting, mergers and acquisitions assistance, and due diligence resources.
| Issuer: | Orion Financial Group Inc.
|
| Issue: | Reserve equity financing agreement
|
| Amount: | $25 million
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| Tenor: | Three years
|
| Price: | 91% of the lowest of the best closing bid prices of the stock during the 15 consecutive trading days following an advance notice
|
| Warrants: | No
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| Investor: | AGS Capital Group, LLC
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| Fees: | 200,000 shares
|
| Agreement date: | July 29
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