By Laura Lutz
Des Moines, Dec. 19 - Auriga Laboratories, Inc. secured a $2.5 million equity facility with Dutchess Private Equities Fund, Ltd., according to an 8-K filing with the Securities and Exchange Commission.
The agreement has a term of three years.
Under the agreement, Auriga may require Dutchess to buy stock at 93% of the lowest closing bid price of the stock during the five trading days immediately before the put notice date.
The maximum size of each tranche will be 200% of the average daily volume of the stock for the 10 trading days before the put notice multiplied by the average of the best bid prices for the three trading days immediately before the put date. The size of each tranche will be capped at $250,000.
Los Angeles-based Auriga is a specialty pharmaceutical company.
| Issuer: | Auriga Laboratories, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $2.5 million
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| Term: | Three years
|
| Price: | 7% discount to lowest closing bid price of stock during five trading days before put notice date
|
| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, Ltd.
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| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: SIGN
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| Stock price: | $1.00 at close Dec. 14 (last trade)
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