Investor Tarpon Bay commits to purchase common shares at a 10% discount
By Devika Patel
Knoxville, Tenn., May 23 – Tierra Grande Resources Inc. negotiated a $5 million two-year equity purchase agreement with Tarpon Bay Partners LLC on June 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Tarpon Bay will pay a purchase price equal to 90% of the closing price of the common stock during the 10 trading days following a put notice.
The Seattle company merged with privately held VNUE, Inc. on June 10. VNUE is a live entertainment music service company.
| Issuer: | Tierra Grande Resources Inc.
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| Issue: | Equity purchase agreement
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| Amount: | $5 million
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| Tenor: | Two years
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| Price: | 10% discount
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| Warrants: | No
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| Investor: | Tarpon Bay Partners LLC
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| Settlement date: | June 15
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| Stock symbol: | OTCBB: TGRI
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| Stock price: | $0.03 at close June 12
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| Market capitalization: | $3.31 million
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