By Devika Patel
Knoxville, Tenn., July 13 - Digital Angel Corp. said it entered into a $5 million two-year standby equity distribution agreement with Yorkville Advisors LLC.
Yorkville will purchase shares in regular tranches at a 4% discount to the market price.
Proceeds will be used for working capital, outsourcing and other manufacturing improvements, including capital expenditures and debt repayment.
Based in South St. Paul, Minn., Digital Angel produces radio-frequency identification technologies.
| Issuer: | Digital Angel Corp.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $5 million
|
| Tenor: | Two years
|
| Price: | 96%
|
| Warrants: | No
|
| Investor: | Yorkville Advisors LLC
|
| Pricing date: | July 13
|
| Stock symbol: | Nasdaq: DIGA
|
| Stock price: | $1.37 at close July 10
|
| Market capitalization: | $25.3 million
|
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