By Devika Patel
Knoxville, Tenn., Aug. 7 - Domark International, Inc. arranged a $50 million equity financing facility agreement with Dutchess Private Equities, Ltd. on July 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The three-year agreement obligates Dutchess to purchase shares in multiple drawdowns.
Each draw will be equal to either 200% of the average daily volume of Domark's common stock for the three trading days prior to the company's notice of a drawdown under the facility multiplied by the average of the three daily closing prices immediately preceding the drawdown date or $2.5 million.
The purchase price per share will be set at 93% of the lowest volume-weighted average price of Domark's common stock during the five trading days immediately after the draw down notification.
Based in Oviedo, Fla., Domark acquires and manages majority owned public entities and privately owned companies in diverse industries.
| Issuer: | Domark International, Inc.
|
| Issue: | Committed equity financing facility
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| Amount: | $50 million
|
| Tenor: | Three years
|
| Price: | 93% of the lowest volume-weighted average price of Domark's common stock closing price during the five trading days immediately after the draw down notification
|
| Warrants: | No
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| Investor: | Dutchess Private Equities, Ltd.
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| Pricing date: | July 29
|
| Stock symbol: | OTCBB: DOMK
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| Stock price: | $3.00 at close July 29
|
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