Deal with Tarpon Bay will span two years; common shares discounted 10%
By Devika Patel
Knoxville, Tenn., Sept. 30 – Oxford City Football Club, Inc. arranged a $15 million equity purchase agreement with Tarpon Bay Partners LLC on Sept. 23, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Over the course of two years, the investor will buy common shares in tranches at a purchase price equal to 90% of the lowest closing bid during the 10 trading days following a put notice.
As part of the equity purchase agreement, Tarpon received a $125,000 10% promissory note due March 31, 2015.
The holding company is based in Deerfield Beach, Fla.
| Issuer: | Oxford City Football Club, Inc.
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| Issue: | Equity purchase agreement
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| Amount: | $15 million
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| Tenor: | Two years
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| Price: | 90% of the lowest closing bid during the 10 trading days following a put notice
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| Warrants: | No
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| Investor: | Tarpon Bay Partners LLC
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| Pricing date: | Sept. 23
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| Stock symbol: | OTCBB: OXFC
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| Stock price: | $3.49 at close Sept. 22
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| Market capitalization: | $7 million
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