By Sheri Kasprzak
Atlanta, May 27 - HealthRenu Medical Inc. revealed the details of its previously announced $10 million standby equity distribution agreement in a form 8-K filed with the Securities and Exchange Commission.
Under the terms of the agreement, Cornell Capital Partners LP may buy shares from HealthRenu at 97% of the lowest volume weighted average price five trading days after notice of a draw.
The length of the agreement is the earlier of two years or once the company has received $10 million.
There is a $350,000 per week limit on each advance.
Cornell will retain 5% of each draw under the agreement.
Monitor Capital Inc. was the placement agent.
Based in Houston, HealthRenu is a healthcare company focused on skin and wound-care products.
| Issuer: | HealthRenu Medical Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Price: | 97% of the lowest volume weighted average price five trading days after notice
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| Tenor: | Two years
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| Warrants: | No
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| Investors: | Cornell Capital Partners LP
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| Placement agent: | Monitor Capital Inc.
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| Settlement date: | May 23
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| Stock price: | $0.19 at close May 23
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