Donobi receives $5.3 million in financing agreements

By Sheri Kasprzak

Atlanta, Nov. 5 - Donobi Inc. has received $5.3 million in financial commitments from Cornell Capital Partners, the company said Friday.

The company received $5 million in a standby equity distribution agreement and $300,000 in convertible securities.

Over two years, Donobi will issue shares to Cornell at its discretion.

Requests for additional information on the financing agreements were not returned by press time Friday.

Based in Bremerton, Wash., Donobi is an internet services company.

It plans to use the funds from the financing to move forward with some of its major initiatives, including shared-tenant service contracts and voice, video and data transfer over fiber optic and broadband wireless connections.

Donobi's stock closed at $1.15 Friday.

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