Investor Tangiers Investment Group commits to purchase common shares
By Devika Patel
Knoxville, Tenn., April 25 – APT Systems, Inc. arranged a $5 million three-year equity purchase agreement with Tangiers Investment Group LLC on April 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
Tangiers will buy up to $5 million of the company’s stock over three years in tranches of up to 150% of the average daily volume for the 10 trading days preceding the put notice or $150,000.
The stock will be sold at a price equal to 82% of the lowest trading price of the stock during the five trading days preceding the put notice.
The investor will be paid a $55,000 commitment fee in the form of a note.
Proceeds will be used for general corporate and working capital purposes.
The financial software company is based in San Francisco.
| Issuer: | APT Systems, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Tangiers Investment Group LLC
|
| Fees: | $55,000 in the form of a note
|
| Pricing date: | April 19
|
| Stock symbol: | OTCBB: APTY
|
| Stock price: | $0.09 at close April 18
|
| Market capitalization: | $8.11 million
|
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