Deal with investor Aspire Capital Fund slated to span two years
By Devika Patel
Knoxville, Tenn., Sept. 8 – Lightbridge Corp. negotiated a $10 million two-year common stock purchase agreement with Aspire Capital Fund, LLC on Sept. 4, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Aspire will buy company shares in tranches of up to 50,000 common shares per trading day or up to $500,000 or up to 30% of the shares traded on the next trading day. The purchase price will be equal to the lesser of the lowest sale price of the stock on the purchase date or the arithmetic average of the three lowest closing sale prices of the stock during the 12 consecutive trading days preceding the purchase.
“This agreement provides us with financing capacity at favorable terms that we can tap into when and if we require capital in the future, without limiting our options to pursue non-dilutive or strategic alternatives. Our primary focus is to bring our metallic nuclear fuel to market to enable utilities to increase safety margins and improve the economics of their existing reactor fleets,” president and chief executive officer Seth Grae said in a press release.
“We are encouraged by the support we have received from the industry and remain on track to commence manufacturing of our fuel samples in 2016, with demonstration of our fuel samples in a test reactor under prototypic commercial reactor operating conditions to begin in 2017.”
Based in McLean, Va., Lightbridge designs next-generation nuclear fuel systems and provides nuclear energy consulting services.
| Issuer: | Lightbridge Corp.
|
| Issue: | Common stock purchase agreement
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| Amount: | $10 million
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| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Settlement date: | Sept. 4
|
| Stock symbol: | Nasdaq: LTBR
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| Stock price: | $0.95at close Sept. 3
|
| Market capitalization: | $17.36 million
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