Deal with Southridge will span two years; common shares discounted 8%
By Devika Patel
Knoxville, Tenn., April 4 - eLayaway, Inc. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on March 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Over the course of two years, the investor will buy common shares in tranches at a purchase price equal to 92% of the average of the two lowest closing bid prices of any two trading days during the five-trading-day pricing period following a put notice.
Southridge was paid a $25,000 fee.
Based in Tallahassee, Fla., the company's website offers a budgeting tool that enables customers to break down order purchase prices into several monthly payments.
| Issuer: | eLayaway, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 8% discount
|
| Warrants: | No
|
| Fees: | $25,000
|
| Investor: | Southridge Partners II, LP
|
| Pricing date: | March 29
|
| Stock symbol: | OTCBB: ELAY
|
| Stock price: | $0.03 at close March 28
|
| Market capitalization: | $1.64 million
|
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