By Devika Patel
Knoxville, Tenn., May 30 - Alternative Construction Technologies, Inc. arranged a line of credit with BridgePointe Master Fund, Ltd. and Camofi Master LDC on May 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may draw between $3 million and $4.5 million under this arrangement. It drew an initial $1.5 million at closing.
The investors also received warrants for up to 900,000 common shares, exercisable at $2.50 for five years.
Proceeds will be used to pay existing short-term obligations and for working capital.
Based in Melbourne, Fla., Alternative Construction develops construction technologies.
| Issuer: | Alternative Construction Technologies, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $3 million (minimum), $4.5 million (maximum)
|
| Warrants: | For 900,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Investor: | BridgePointe Master Fund, Ltd. and Camofi Master LDC
|
| Settlement date: | May 8 (for $1.5 million)
|
| Stock symbol: | OTCBB: ACCY
|
| Stock price: | $2.25 at close May 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
