By Devika Patel
Knoxville, Tenn., June 9 - Micro Imaging Technology, Inc. arranged a $5 million three-year committed equity financing facility with Dutchess Opportunity Fund, II, LP on May 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company may draw the funds in tranches of the greater of 200% of the average daily volume of the common stock for the three trading days prior to the put notice date multiplied by the average of the closing prices for such trading days or $100,000, at a purchase price equal to 95% of the lowest daily volume weighted average price of the company's common stock during that period.
Micro Imaging is a San Clemente, Calif., holding company.
| Issuer: | Micro Imaging Technology, Inc.
|
| Issue: | Committed equity financing facility
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| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 95% of the lowest daily volume weighted average price of the company's common stock
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Settlement date: | May 4
|
| Stock symbol: | OTCBB: MMTC
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| Stock price: | $0.04 at close May 4
|
| Market capitalization: | $5.95 million
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