Deal with Southridge will span two years; Capital Path was the agent
By Devika Patel
Knoxville, Tenn., Feb. 29 - Entest BioMedical Inc. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on Feb. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Capital Path Securities LLC was the agent.
Over the course of two years, the investor will buy shares in tranches at a purchase price equal to 91% of the average of the two lowest closing bid prices during the pricing period.
Southridge also agreed to convert the $88,798 in principal and interest that the company owes the investor into common stock.
Entest is a La Mesa, Calif., biomedical company that develops therapies, medical devices and medical testing procedures.
| Issuer: | Entest BioMedical Inc.
|
| Issue: | Equity purchase agreement
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| Amount: | $10 million
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| Tenor: | Two years
|
| Price: | 9% discount
|
| Warrants: | No
|
| Agent: | Capital Path Securities LLC
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| Investor: | Southridge Partners II, LP
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| Pricing date: | Feb. 27
|
| Stock symbol: | Pink Sheets: ENTB
|
| Stock price: | $0.03 at close Feb. 24
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