By Sheri Kasprzak
New York, Aug. 22 - Nitar Technology Corp. said it has entered into a standby equity distribution agreement with Cornell Capital Partners, LP for up to $35 million.
The two-year agreement allows Cornell to buy shares from Nitar. The pricing details of the equity line could not be determined by press time Monday.
The proceeds will be used for an advertising campaign for the company's internet child-safety products and its choozmail product.
Based in Toronto, Nitar develops e-mail and internet technologies.
| Issuer: | Nitar Technology Corp.
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| Issue: | Standby equity distribution agreement
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| Amount: | $35 million (maximum)
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| Tenor: | Two years
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Aug. 22
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| Stock price: | $2.37 at close Aug. 19
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