11% facility with TCA Global Credit includes 38,971,490 common shares
By Devika Patel
Knoxville, Tenn., Dec. 23 – Arrayit Corp. raised $750,000 under a new $5 million senior secured revolving credit facility agreement with TCA Global Credit Master Fund, LP on Dec. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 11% loan is due in six months.
In connection with the credit facility, the company also issued 38,971,490 restricted common shares to TCA.
Proceeds will be used for working capital, to pay down prior debt and other purposes.
The developer, manufacturer and marketer of life science tools and integrated systems for the analysis of genetic variation, biological function and diagnostics is based in Sunnyvale, Calif.
| Issuer: | Arrayit Corp.
|
| Issue: | Senior secured revolving credit facility agreement, 38,971,490 restricted common shares
|
| Amount: | $5 million
|
| Maturity: | Six months
|
| Coupon: | 11%
|
| Warrants: | No
|
| Investor: | TCA Global Credit Master Fund, LP
|
| Settlement date: | Dec. 18 (for $750,000)
|
| Stock symbol: | OTCBB: ARYC
|
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