Company reports deal with Auctus Private Equity Fund in Wednesday 8-K
By Devika Patel
Knoxville, Tenn., March 9 - Solanbridge Group Inc. negotiated a drawdown equity financing agreement with Auctus Private Equity Fund, LLC on March 3, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It will raise $10 million.
Auctus has committed to purchase up to $10 million of the company's common stock over three years at 93% of the lowest closing bid price during the five trading days following the company's notice of a planned drawdown.
Houston-based Solanbridge had an initial background in thermal technologies. It has since broadened the scope of its activities to include the development, distribution, marketing and sales of alternative, renewable and waste to energy technologies.
| Issuer: | Solanbridge Group Inc.
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| Issue: | Drawdown equity financing agreement
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| Amount: | $10 million
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| Tenor: | Three years
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| Price: | 7% discount to market price
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| Warrants: | No
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| Investor: | Auctus Private Equity Fund, LLC
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| Settlement date: | March 3
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| Stock symbol: | Pink Sheets: SLNX
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| Stock price: | $0.05 at close March 3
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