Investor Southridge commits to purchase common shares at a 6% discount
By Devika Patel
Knoxville, Tenn., June 23 – Coates International, Ltd. secured a $20 million three-year equity purchase agreement with Southridge Partners II LP on June 23, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company registered 205 million shares for resale by Southridge.
Southridge will pay a purchase price equal to 94% of the lowest volume-weighted average price of the stock during the 10 trading days following the put notice.
Proceeds will be used for manufacturing operations and general working capital purposes.
Coates, based in Wall Township, N.J., develops spherical rotary valve systems used in piston-driven internal combustion engines.
| Issuer: | Coates International, Ltd.
|
| Issue: | Equity purchase agreement
|
| Amount: | $20 million
|
| Tenor: | Three years
|
| Price: | 6% discount
|
| Warrants: | No
|
| Investor: | Southridge Partners II LP
|
| Settlement date: | June 23
|
| Stock symbol: | OTCBB: COTE
|
| Market capitalization: | $3.92 million
|
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