By Laura Lutz
Des Moines, Sept. 5 - MaxLife Fund Corp. announced detailed terms of its previously reported $2.5 million stock purchase agreement in an 8-K filed with the Securities and Exchange Commission on Wednesday.
In the first closing of the deal, Brookdale Consulting Ltd. bought 170,068 common shares at $2.94 each, for total proceeds of $500,000.
MaxLife has the option to sell an additional $2 million of common stock to Brookdale within the next six months. The shares will be priced at a 5% premium to the average weighted trading price of the stock for the five trading days before the option is exercised.
The company will use to the proceeds to purchase life settlement policies.
New Jersey-based MaxLife Fund is a fund operating in the health and life settlement sector.
| Issuer: | MaxLife Fund Corp.
|
| Issue: | Stock purchase agreement
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| Amount: | $2.5 million
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| Price: | 5% premium to the five-day average weighted trading price; $2.94 for first tranche
|
| Warrants: | No
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| Investor: | Brookdale Consulting Ltd.
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| Announcement date: | Aug. 29
|
| Settlement date: | Aug. 29 (for $500,000 first tranche)
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| Stock symbol: | OTCBB: MXFD
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| Stock price: | $2.80 at close Aug. 28
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