By Sheri Kasprzak
Atlanta, March 17 - Lithium Technology Corp. said it has received an equity line from Cornell Capital Partners LP for up to $15 million.
The company may sell, at its discretion, shares to Cornell at a price equal to 98% of the lowest volume weighted average price of common stock five days before notice.
The equity line is limited to $200,000 per weekly advance and $800,000 per monthly advance.
The commitment expires the earlier of the date upon which Cornell has purchased a total of $15 million in shares or two years after the effective date.
Newbridge Securities Corp. was the placement agent.
Also, Lithium raised $2.5 million in a private placement of debentures.
The debentures mature in two years and bear interest at 12% annually. The debentures are not convertible.
Based in Plymouth Meeting, Pa., Lithium produces lithium batteries for cell phones and notebook computers.
Standby equity
| Issuer: | Lithium Technology Corp.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $15 million (maximum)
|
| Price: | 98% of the lowest volume weighted average price five days before notice
|
| Tenor: | Two years
|
| Warrants: | No
|
| Investors: | Cornell Capital Partners LP
|
| Placement agent: | Newbridge Securities Corp.
|
| Settlement date: | March 11
|
| Stock price: | $0.116 at close March 11
|
|
|
| Debentures
|
| Issuer: | Lithium Technology Corp.
|
| Issue: | Debentures
|
| Amount: | $2.5 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | No
|
| Settlement date: | March 11
|
| Stock price: | $0.116 at close March 11
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
