Investor Magna Group has committed to buy company's common stock
By Devika Patel
Knoxville, Tenn., May 10 - Terra Tech Corp. said it has arranged a $5 million equity enhancement program with Magna Group.
Magna Group has committed to purchase up to $5 million of the company's common shares over two years.
Proceeds will be used for the acquisition of Edible Garden, an urban farm specializing in hydroponically grown produce.
"Terra Tech has aggressive growth plans over the next 24 months. Expanding the Edible Garden footprint throughout the U.S. is our primary driver; this type of funding agreement gives us the necessary tools to execute on that plan. Having control over when and at what price we execute allows us to minimize shareholder dilution," chief executive officer and president Derek Peterson said in a press release.
The Irvine, Calif., company specializes in controlled agricultural technologies.
| Issuer: | Terra Tech Corp.
|
| Issue: | Equity enhancement program
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| Amount: | $5 million
|
| Tenor: | Two years
|
| Warrants: | No
|
| Investor: | Magna Group
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| Settlement date: | May 10
|
| Stock symbol: | OTCBB: TRTC
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| Stock price: | $0.14 at close May 9
|
| Market capitalization: | $13.27 million
|
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