By Devika Patel
Knoxville, Tenn., June 9 - Artfest International, Inc. said it arranged a $5 million equity line of credit.
The company will sell $5 million in common stock to a private group of investors via agent Delaney Equity Group, LLC.
Proceeds will enable the company to complete its planned acquisition of Charity Sports Distributor, Inc., a vertically integrated Texas-based custom framing company.
Artfest is an Addison, Texas, company that markets, sells and prints paintings and autographed limited-edition celebrity photographs, which are reproduced on canvas using the Giclee and lithograph processes.
| Issuer: | Artfest International, Inc.
|
| Issue: | Equity line of credit
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| Amount: | $5 million
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| Warrants: | No
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| Agent: | Delaney Equity Group, LLC
|
| Pricing date: | June 9
|
| Stock symbol: | OTCBB: ARTI
|
| Stock price: | $0.003 at close June 9
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