Company secures one-year deal to sell common shares at 10% discount
By Devika Patel
Knoxville, Tenn., May 24 - Independence Energy Corp. arranged a $1 million equity financing agreement on May 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The investor has committed to purchase up to $1 million of the company's common stock over one year at 90% of the average of the closing price of the stock during the five trading days preceding a drawdown notice.
The agreement may be extended by an additional year.
The oil and gas company is based in Seal Beach, Calif.
| Issuer: | Independence Energy Corp.
|
| Issue: | Equity financing agreement
|
| Amount: | $1 million
|
| Tenor: | One year
|
| Price: | 10% discount
|
| Warrants: | No
|
| Pricing date: | May 24
|
| Stock symbol: | OTCBB: IDNG
|
| Stock price: | $2.80 at close May 23
|
| Market capitalization: | $68.64 million
|
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