Deal was arranged through investor Dutchess Private Equities Fund
By Devika Patel
Knoxville, Tenn., March 7 - EGPI Firecreek, Inc. arranged a financing with Dutchess Private Equities Fund, Ltd. on March 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The offering could raise $2.5 million.
The company will sell 2,500 convertible series D preferred shares to the investor at $1,000 per preferred. The preferreds convert to common stock based on a conversion formula tied to the common stock's volume weighted average price over the three days preceding conversion.
EGPI is an oil production company based in Scottsdale, Ariz.
| Issuer: | EGPI Firecreek, Inc.
|
| Issue: | Series D preferred stock
|
| Amount: | $2.5 million
|
| Preferreds: | 2,500
|
| Price: | $1,000
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Announcement date: | March 7
|
| Pricing date: | March 1
|
| Stock symbol: | OTCBB: EFIR
|
| Stock price: | $0.0018 at close March 7
|
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