By Devika Patel
Knoxville, Tenn., Aug. 6 - Multiband Corp. said it negotiated a $10 million equity line of credit with Lincoln Park Capital Fund, LLC.
The company will sell the common shares to Lincoln Park Capital over 25 months in tranches of up to $500,000 with no fixed discount.
Proceeds will be used for working capital, to support current operations and for other general corporate purposes.
Based in New Hope, Minn., Multiband provides voice, data and video systems and services to businesses, governments and multiple dwelling units.
| Issuer: | Multiband Corp.
|
| Issue: | Equity line of credit
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| Amount: | $10 million
|
| Tenor: | 25 months
|
| Price: | No fixed discount
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Announcement date: | Aug. 6
|
| Stock symbol: | Nasdaq: MBND
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| Stock price: | $1.85 at close Aug. 5
|
| Market capitalization: | $17.05 million
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