By Devika Patel
Knoxville, Tenn., April 9 - National Automation Services Inc. arranged a $5 million two-year committed equity financing facility with Ascendiant Capital Group, LLC on April 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may draw the funds in tranches of up to $300,000 at a purchase price equal to 90% of the volume weighted average price of the company's common stock.
The company paid a $125,000 commitment fee in shares and will be obligated to issue another $125,000 worth of shares when the SEC declares the registration statement, registering Ascendiant's resale of any shares purchased under the facility, effective.
Henderson, Nev.-based National Automation is a holding company for specialized automation control companies located in the southwestern United States.
| Issuer: | National Automation Services Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $5 million
|
| Tenor: | Two years
|
| Price: | 90% of the volume weighted average price of the company's common stock
|
| Warrants: | No
|
| Investor: | Ascendiant Capital Group, LLC
|
| Fees: | $250,000
|
| Settlement date: | April 7
|
| Stock symbol: | Pink Sheets: NASV
|
| Stock price: | $0.11 at close April 7
|
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