Company intends to file statement by Sept. 1 for two-year agreement
By Devika Patel
Knoxville, Tenn., March 23 - ProGreen Properties, Inc. said it increased a two-year standby equity distribution agreement with LeadDog Capital LP to $6 million from $2.5 million. The agreement was negotiated on Aug. 25, 2010, and the company said it will file the registration statement for the offer by Sept. 1, 2011.
The company may now sell up to 24 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.
Based in Birmingham, Mich., ProGreen Properties, formerly Diversified Product Inspections, Inc., purchases income-producing real estate assets in Michigan.
Issuer: | ProGreen Properties, Inc.
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Issue: | Equity distribution agreement
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Amount: | $6 million
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Tenor: | Two years
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Price: | 92% of lowest daily volume-weighted average price
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Warrants: | No
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Investor: | LeadDog Capital LP
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Fees: | 400,000 shares
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Settlement date: | Aug. 25
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Upsized: | March 23
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Stock symbol: | OTCBB: PGEI
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Stock price: | $0.05 at close Aug. 25
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