$1.8 million equity line with LG Capital will sell shares for one year
By Devika Patel
Knoxville, Tenn., Feb. 20 – eCrypt Technologies, Inc. added another $1 million in the form or debt or equity to a financing that is now slated to raise $2.8 million. The new financing includes $400,000 in cash, and commitments for an additional $600,000.
As reported on Monday, the company announced it had arranged a $1.8 million equity purchase agreement with LG Capital Funding, LLC on Feb. 10.
LG has committed to purchase up to $1.8 million of the company’s common stock in up to two tranches per month over the course of one year. Each tranche is limited to $75,000. The shares will be sold at a price equal to 75% of the lowest closing bid price for the 10 trading days preceding the sale.
The Austin, Texas, company helps corporate entities, governments and individuals protect their organizations against physical and cyber-attacks.
| Issuer: | eCrypt Technologies, Inc.
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| Issue: | Equity purchase agreement, debt or equity
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| Amount: | $2.8 million
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| Warrants: | No
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| Stock symbol: | OTCBB: ECRY
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| Stock price: | $0.03 at close Feb. 9
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| Market capitalization: | $4.5 million
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| Equity purchase
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| Amount: | $1.8 million
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| Tenor: | One year
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| Price: | 75% of the lowest closing bid price for the 10 trading days preceding the sale
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| Warrants: | No
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| Investor: | LG Capital Funding, LLC
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| Announcement dates: | Feb. 17
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| Pricing date: | Feb. 10
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| Equity or debt
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| Amount: | $1 million
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| Announcement dates: | Feb. 20
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