Three-year agreement mulls selling shares to Dutchess Opportunity Fund
By Devika Patel
Knoxville, Tenn., Aug. 30 - Bioject Medical Technologies Inc. negotiated a three-year $5 million investment agreement with Dutchess Opportunity Fund, II, LP on Aug. 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Dutchess will buy the company's common shares at a purchase price equal to 95% of the lowest daily volume-weighted average price of the stock during the five-trading-day pricing period.
The maximum amount that the company may put in a single tranche is limited to $100,000, or 200% of the average daily trading volume of the stock for the three consecutive trading days prior to the advance notification date, multiplied by the average of the three daily closing prices immediately preceding the date of the advance notice.
Based in Tualatin, Ore., Bioject develops needle-free drug delivery systems.
| Issuer: | Bioject Medical Technologies Inc.
|
| Issue: | Investment agreement
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 5% discount
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Pricing date: | Aug. 29
|
| Stock symbol: | OTCBB: BJCT
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| Stock price: | $0.16 at close Aug. 29
|
| Market capitalization: | $3.07 million
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