By Devika Patel
Knoxville, Tenn., Oct. 5 - IA Global Inc. negotiated a $5 million two-year committed equity financing facility with Ascendiant Capital Group, LLC on Sept. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company may sell its shares to Ascendiant Capital Group over two years at a 10% discount to the volume-weighted average price in tranches of up to $250,000.
Proceeds will be used for working capital and other general corporate purposes.
Based in Burlingame, Calif., IA Global acquires Japanese companies focused on gaming, entertainment and technology.
| Issuer: | IA Global Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $5 million
|
| Tenor: | Two years
|
| Price: | 90% of volume-weighted average price
|
| Warrants: | No
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| Investor: | Ascendiant Capital Group, LLC
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| Settlement date: | Oct. 5
|
| Stock symbol: | Amex: IAO
|
| Stock price: | $0.05 at close Oct. 2
|
| Market capitalization: | $11.1 million
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