Deal with River North will span two years; common stock discounted 15%
By Devika Patel
Knoxville, Tenn., March 21 – El Capitan Precious Metals, Inc. arranged a $5 million equity purchase agreement with River North Equity, LLC on March 16, according to an 8-K filed Monday with the Securities and Exchange Commission.
Over the course of two years, the investor will buy common shares in tranches of up to $150,000 at a purchase price equal to 85% of the average of the two lowest closing bid prices during the five trading days including and preceding the put date.
Based in Scottsdale, Ariz., El Capitan is a precious minerals mining company.
| Issuer: | El Capitan Precious Metals, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $5 million
|
| Tenor: | Two years, March 16, 2018
|
| Price: | 15% discount
|
| Warrants: | No
|
| Investor: | River North Equity, LLC
|
| Pricing date: | March 16
|
| Stock symbol: | OTCBB: ECPN
|
| Stock price: | $0.05 at close March 15
|
| Market capitalization: | $14.61 million
|
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