By Devika Patel
Knoxville, Tenn., Feb. 3 - Viper Resources, Inc. arranged a $5 million three-year equity line of credit with Dutchess Opportunity Fund, II, LP on Jan. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The shares will be sold at a price equal to 94% of the highest posted bid price of the company's common stock over a five-consecutive-trading-day period immediately following each put notice.
Dutchess will buy the shares in tranches of up to 200% of the average daily volume of the common stock for the three trading days preceding the put notice or $100,000.
Viper Resources is a Houston-based oil and gas exploration company.
| Issuer: | Viper Resources, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 94% of highest posted bid over 5 days following put notice
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Pricing date: | Jan. 28
|
| Stock symbol: | OTCBB: VPRS
|
| Stock price: | $0.16 at close Jan. 28
|
| Market capitalization: | $12.1 million
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