By Sheri Kasprzak
New York, Dec. 16 - Aradyme Corp. said it has entered into a financing agreement with Eagle Rock Capital, LLC for $3 million.
The offering will be conducted in separate closings.
In the first, Eagle Rock will buy 5 million shares at $0.20 each with a matching warrant. The warrants are exercisable at $0.50 each.
Over the next 15 months, another $2 million will be funded in a series of four payments at $0.20 each.
The final $2 million will include matching warrants to purchase stock at $0.75 each for the second $1 million and $1.00 each for the third $1 million.
The company received the first $1 million at closing.
Proceeds will be used for sales, marketing and product development, as well as debt reduction and general corporate purposes.
Based in Orem, Utah, Aradyme is a data management company focused on data migration and conversion, integration and application development.
| Issuer: | Aradyme Corp.
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| Issue: | Stock issued in five separate closings
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| Amount: | $3 million
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| Shares: | 5 million (for the first closing); the remaining $2 million will be funded in four separate closings in the next 15 months
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| Price: | $0.20
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| Warrants: | One warrant per share purchased
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| Warrant strike price: | $0.50 for the first $1 million; $0.75 for the second $1 million; $1.00 for the third $1 million
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| Investor: | Eagle Rock Capital, LLC
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| Settlement date: | Dec. 16
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| Stock price: | $0.45 at close Dec. 16
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