By Laura Lutz
Des Moines, July 16 - Red Rock Pictures Holdings Inc. arranged a $25 million equity distribution agreement with IFG Opportunity Fund, LLC.
The price per share will be 97% of the market price of the company's stock over the five trading days before notice of a draw.
The size of each draw may be up to $2 million.
When each tranche closes, Red Rock will pay IFG 3% of the gross proceeds of that draw.
In light of this placement, Red Rock will not file a registration statement in connection with a previously announced $20 million two-year standby equity distribution agreement with Cornell Capital Partners, LP.
The Cornell deal was announced on April 5 with pricing terms similar to the IFG deal.
Located in Los Angeles, Red Rock finances and co-produces feature films and entertainment.
| Issuer: | Red Rock Pictures Holdings, Inc.
|
| Issue: | Equity distribution agreement
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| Amount: | $25 million
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| Price: | 97% of the market price during the five consecutive trading days after notice of a draw
|
| Warrants: | No
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| Investor: | IFG Opportunity Fund, LLC
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| Settlement date: | July 16
|
| Stock symbol: | OTCBB: RRPH
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| Stock price: | $1.10 at close July 16
|
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