Investor Zyndy Trade purchases 1,933,395 shares in initial investment
By Devika Patel
Knoxville, Tenn., Dec. 9 - Horiyoshi Worldwide Inc. offered further details concerning a private financing agreement with Zyndy Trade Corp. in an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced for up to $5 million on Nov. 29, and the company completed a $2 million tranche on Dec. 2.
Zyndy will invest up to $5 million in the company through advances until Dec. 31, 2011. The price per share is set at 75% of the volume-weighed average closing prices for the 10 days preceding any drawdown notice.
The company sold 1,933,395 restricted shares in the initial drawdown for $2 million.
Horiyoshi Worldwide was formerly known as Kranti Resources, Inc. and was acquired by Horiyoshi the Third Ltd. in a reverse merger on Nov. 5. The Los Angeles company produces luxury clothing, accessories and jewelry.
| Issuer: | Horiyoshi Worldwide Inc.
|
| Issue: | Private financing
|
| Amount: | $5 million
|
| Tenor: | Dec. 31, 2011
|
| Price: | 25% discount to VWAP
|
| Warrants: | No
|
| Investor: | Zyndy Trade Corp.
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 2 (for $2 million)
|
| Stock symbol: | OTCBB: HHWW
|
| Stock price: | $1.58 at close Nov. 29
|
| Market capitalization: | $274.16 million
|
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