By Devika Patel
Knoxville, Tenn., Jan. 12 - Montavo, Inc. said it arranged a $20 million equity line of credit with Dutchess Opportunity Fund, II, LP.
Dutchess has committed to purchase up to $20 million of the company's common shares over five years using an agreed-upon formula based on near-term historical market share price over a specified period of time, with each put calculated with a floor price set by Montavo.
Proceeds will be used to assist in funding sales, marketing and business development efforts as well as the continued software development and commercial launch of the Montavo Mobile Advertising Platform.
Based in Bellevue, Wash., Montavo develops mobile location-based services marketing solution for wireless carriers, mobile handsets manufacturers, wireless carrier/device software aggregators, personal navigation device manufacturers and vehicle manufacturers.
| Issuer: | Montavo, Inc.
|
| Issue: | Equity line of credit
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| Amount: | $20 million
|
| Tenor: | Five years
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Pricing date: | Jan. 12
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| Stock symbol: | OTCBB: MTVO
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| Stock price: | $0.04 at close Jan. 11
|
| Market capitalization: | $1.85 million
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