Purchase price discounted 5% in agreement with Dutchess Opportunity
By Devika Patel
Knoxville, Tenn., Sept. 22 - TurboSonic Technologies, Inc. arranged a $3 million three-year investment agreement with Dutchess Opportunity Fund, II, LP on Sept. 19, according to an 8-K filed Thursday with the Securities and Exchange Commission. This agreement replaces an earlier, identical investment plan that was negotiated on July 11.
Dutchess will buy shares over three-years in tranches of up to 200% of the average daily volume of the common stock for the three consecutive trading days preceding the put notice multiplied by the average of the three daily closing prices immediately preceding the put notice date, or $50,000.
The purchase price will be 95% of a recent average market price at settlement.
Dutchess received a $15,000 document preparation fee.
Based in Waterloo, Ont., TurboSonic designs air pollution control technologies.
| Issuer: | TurboSonic Technologies, Inc.
|
| Issue: | Investment agreement
|
| Amount: | $3 million
|
| Tenor: | Three years
|
| Price: | 5% discount
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Pricing date: | Sept. 19
|
| Stock symbol: | OTCBB: TSTA
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| Stock price: | $0.37 at close Sept. 19
|
| Market capitalization: | $7.05 million
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