By Sheri Kasprzak
New York, April 11 - Red Rock Pictures Holdings, Inc. revealed the details on its previously announced $20 million standby equity distribution agreement with Cornell Capital Partners, LP.
Under the two-year agreement, Cornell may buy shares at 97% of the market price during a pricing period of five consecutive trading days immediately following notice of a draw.
There is a $2 million cap on each advance.
The investor received warrants for 56,247 shares, exercisable at $2.6668 each.
Newbridge Securities Corp. was the placement agent.
Located in Los Angeles, Red Rock finances and co-produces feature films and entertainment.
Issuer: | Red Rock Pictures Holdings, Inc.
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Issue: | Standby equity distribution agreement
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Amount: | $20 million
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Tenor: | Two years
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Price: | 97% of the market price during the five consecutive trading days after notice of a draw
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Warrants: | For 56,247 shares
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Warrant strike price: | $2.6668
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Investor: | Cornell Capital Partners, LP
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Placement agent: | Newbridge Securities Corp.
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Settlement date: | April 5
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Stock symbol: | OTCBB: RRPH
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Stock price: | $2.82 at close April 5
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