Lincoln Park buys stock in tranches of 100,000 shares in two-year deal
By Devika Patel
Knoxville, Tenn., Oct. 14 – MetaStat, Inc. arranged a $10 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Oct. 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell common shares to Lincoln Park over two years in tranches of up to 100,000 shares or $500,000. The purchase price of the shares will be based on the prevailing market prices at the time of sale.
As consideration for its commitment, Lincoln Park received 200,000 shares and will receive 400,000 additional shares.
MetaStat is a life science company based in the Woodlands, Texas.
| Issuer: | MetaStat, Inc.
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| Issue: | Stock purchase agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 600,000 shares
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| Settlement date: | Oct. 10
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| Stock symbol: | OTCBB: MTST
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| Stock price: | $0.70 at close Oct. 9
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| Market capitalization: | $20.62 million
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