Company will file statement by March 1 for two-year deal with LeadDog
By Devika Patel
Knoxville, Tenn., Oct. 20 - ProGreen Properties, Inc. provided an update regarding a $2.5 million standby equity distribution agreement for up to two years with LeadDog Capital LP that was negotiated on Aug. 25. The company now says it will delay filing a registration statement for the offering until March 1.
The company may sell up to 10 million shares in tranches of up to $200,000 and at a price equal to 92% of the lowest daily volume-weighted average price of the stock during the 10 consecutive trading days after the company issues a drawdown notice to the investor.
The company paid a commitment fee of 300,000 common shares at pricing and agreed to issue 100,000 shares to LeadDog Capital Markets, LLC, an affiliate of the investor.
ProGreen is based in Birmingham, Mich., and acquires, refurbishes and upgrades residential real estate.
| Issuer: | ProGreen Properties, Inc.
|
| Issue: | Equity distribution agreement
|
| Amount: | $2.5 million
|
| Tenor: | Up to two years
|
| Price: | 92% of lowest daily VWAP
|
| Warrants: | No
|
| Investor: | LeadDog Capital LP
|
| Fees: | 400,000 shares
|
| Settlement date: | Aug. 25
|
| Stock symbol: | OTCBB: PGEI
|
| Stock price: | $0.05 at close Aug. 25
|
| Market capitalization: | $6.25 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
