Three-year agreement with YA Global Master SPV arranged at 3% discount
By Devika Patel
Knoxville, Tenn., June 28 - EntreMed Inc. arranged a $7.5 million three-year standby equity distribution agreement with YA Global Master SPV Ltd. on June 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company has already drawn $1.1 million under this agreement, which will be used for working capital.
The tranches will be up to the lesser of $1 million and 200% of the average of the daily value traded for each of the five trading days preceding the put date.
The shares will be sold at a price equal to 97% of the lowest daily volume weighted average price of the stock during the five consecutive trading days following the put.
The investor received 39,741 common shares as a commitment fee and a due diligence and structuring fee of $26,000.
Based in New York, Omagine is primarily involved in the real estate development, entertainment and hospitality ventures and in developing, building, owning and operating tourism and residential real estate development projects.
| Issuer: | EntreMed Inc.
|
| Issue: | Standby equity distribution agreement
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| Amount: | $7.5 million
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| Tenor: | Three years
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| Price: | 3% discount
|
| Warrants: | No
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| Investor: | YA Global Master SPV Ltd.
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| Fees: | $26,000 and 39,741 shares
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| Settlement date: | June 28 (for $1.1 million)
|
| Stock symbol: | OTCBB: OMAG
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| Stock price: | $0.85 at close June 28
|
| Market capitalization: | $10.54 million
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