Investor to purchase shares at lowest individual daily VWAP, less $600
By Toni Weeks
San Luis Obispo, Calif., March 16 – Monster Arts Inc. entered into a three-year equity purchase agreement with Premier Venture Partners, LLC on March 12, according to an 8-K filing with the Securities and Exchange Commission.
Under the agreement, Premier has committed to purchase up to $5 million of the company’s common stock. This equates to 34,340,659 shares, as calculated on the agreement date.
The purchase price will be 70% of the lowest individual daily volume-weighted average price of the shares during the pricing period, less $600.
The maximum number of shares Monster Arts may put to Premier for any put notice may not exceed the lesser of (i) 200% of the average daily trading volume of the stock on the five trading days prior to the put notice and (ii) 120% of the highest put amount on any put notice delivered under the agreement, with a floor of 1 million shares.
Monster Arts is a Las Vegas-based mobile marketing and app technology provider.
| Issuer: | Monster Arts Inc.
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| Issue: | Common stock
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| Amount: | Up to $5 million
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| Price: | 70% of lowest individual daily volume-weighted average price of the shares during pricing period, less $600
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| Shares: | Maximum of lesser of (i) 200% of average daily trading volume of stock on the five trading days prior to put notice and (ii) 120% of highest put amount on any put notice delivered under agreement, floor of 1 million shares
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| Tenor: | Three years
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| Investor: | Premier Venture Partners, LLC
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| Pricing date: | March 12
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| Stock symbol: | OTCBB: APPZ
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| Stock price: | $0.0045 at close March 13
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| Market capitalization: | $49,095
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