Why USA Financial negotiates $2.75 million equity financing agreement

Company reports equity sales offering with White Russian in 8-K filing

By Devika Patel

Knoxville, Tenn., April 4 - Why USA Financial Group, Inc. arranged a $2.75 million equity financing agreement with White Russian, LLC on March 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

White Russian will invest in the company in three rounds. The first tranche, for $250,000 of convertible debentures, has already been completed. A second, $500,000 tranche and a third tranche for $2 million are also planned.

Proceeds will be used to capitalize upon perceived market inefficiencies that exist in the Southern California residential foreclosure market, the company said in the filing.

The Minneapolis company provides real estate and mortgage financial services.

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