Three-year offering contemplates selling shares to AGS at 10% discount
By Devika Patel
Knoxville, Tenn., May 25 - USA Synthetic Fuel Corp. negotiated a three-year $50 million reserve equity financing agreement with AGS Capital Group, LLC on May 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The common shares will be sold in tranches of up to $2 million at a discount of 10% to the lowest-closing best-transacted bid price of the stock during the 15-consecutive-trading-day pricing period following the put notice.
Proceeds will be used to accelerate project milestones and fund corporate growth.
Cincinnati's USA Synthetic is a provider of clean energy systems.
| Issuer: | USA Synthetic Fuel Corp.
|
| Issue: | Reserve equity financing agreement
|
| Amount: | $50 million
|
| Tenor: | Three years
|
| Price: | 10% discount
|
| Warrants: | No
|
| Investor: | AGS Capital Group, LLC
|
| Settlement date: | May 16
|
| Stock symbol: | Pink Sheets: USFC
|
| Stock price: | $4.50 at close May 16
|
| Market capitalization: | $487.6 million
|
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