Company negotiates financing agreement with Monarch Bay Securities
By Devika Patel
Knoxville, Tenn., May 9 - EFactor Group Corp. engaged Monarch Bay Securities, LLC as its agent for a $6 million private placement of 8 million common shares on May 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The shares will be sold at $0.75 apiece, which is a 13.79% discount to the May 7 closing share price of $0.87.
The online social network for entrepreneurs is based in San Francisco.
| Issuer: | EFactor Group Corp.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 8 million
|
| Price: | $0.75
|
| Warrants: | No
|
| Agent: | Monarch Bay Securities, LLC
|
| Pricing date: | May 8
|
| Stock symbol: | OTCBB: EFCT
|
| Stock price: | $0.87 at close May 7
|
| Market capitalization: | $68.33 million
|
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