By Devika Patel
Knoxville, Tenn., Aug. 26 - ProGreen Properties, Inc. arranged a $2.5 million two-year standby equity distribution agreement with LeadDog Capital LP on Aug. 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company may sell the 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 and agreed to issue 100,000 shares to LeadDog Capital Markets, LLC, an affiliate of the investor.
Based in Birmingham, Mich., ProGreen Properties, formerly Diversified Product Inspections, Inc., purchases income-producing residential real estate apartment homes, condominiums and houses in Michigan.
| Issuer: | ProGreen Properties, Inc.
|
| Issue: | Equity distribution agreement
|
| Amount: | $2.5 million
|
| Tenor: | Two years
|
| Price: | 92% of lowest daily volume-weighted average price
|
| 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: | $6.13 million
|
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