Deal with Lincoln Park is effective until April 1, 2014, company says
By Devika Patel
Knoxville, Tenn., Oct. 7 - Valley Forge Composite Technologies, Inc. arranged a $20.25 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Oct. 5, according to an 8-K filed Friday with the Securities and Exchange Commission. The company has already raised $250,000 under this agreement.
The agreement may sell an additional $20 million in common shares to Lincoln Park in tranches of up to $500,000 until April 1, 2014.
Proceeds will be used for working capital and general corporate purposes in carrying out the company's business plan.
The Covington, Ky., company develops and sells counter-terrorism products.
Issuer: | Valley Forge Composite Technologies, Inc.
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Issue: | Stock purchase agreement
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Amount: | $20.25 million
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Tenor: | April 1, 2014
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Warrants: | No
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Investor: | Lincoln Park Capital Fund, LLC
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Settlement date: | Oct. 5 (for $250,000)
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Stock symbol: | OTCBB: VLYF
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Stock price: | $0.95 at close Oct. 5
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Market capitalization: | $64.39 million
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