By Sheri Kasprzak
New York, Sept. 13 - In Veritas Medical Diagnostics, Inc. said it has received a $10 million standby equity distribution agreement from Cornell Capital Partners, LP.
Under the terms of the two-year agreement, Cornell will buy shares of In Veritas at 97% of the lowest closing bid price for the five trading days after notice of a draw. Cornell retains 5% of each draw.
There is a $500,000 limit to each advance.
Monitor Capital, Inc. was the placement agent.
Based in Plant City, Fla., In Veritas is a medical diagnostics company.
| Issuer: | In Veritas Medical Diagnostics, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | 97% of the lowest closing bid price for five trading days after notice of a draw
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Monitor Capital, Inc.
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| Settlement date: | Sept. 7
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| Stock price: | $0.20 at close Sept. 7
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