By Sheri Kasprzak
New York, Nov. 21 - Regi U.S., Inc. received a $10 million equity line of credit.
The company may sell shares of its stock at a 15% discount to the market price over the 10 days before a draw for the next three years. There is a $150,000 minimum and a $750,000 maximum on each draw.
The investor received warrants for 1 million shares, exercisable at $1.30 each for five years.
JH Darbie & Co., Inc. was the placement agent.
Proceeds will be used for additional applications of the company's Rand Cam/RadMax technology.
Located in Vancouver, B.C., Regi's Rand Cam/RadMax technology is used in lightweight rotary engines with two moving parts. The engine may use gasoline, hydrogen, natural gas, propane and diesel fuels.
| Issuer: | Regi U.S., Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 15% discount to the market price for the 10 trading days before a draw
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.30
|
| Placement agent: | JH Darbie & Co., Inc.
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: RGUS
|
| Stock price: | $1.14 at close Nov. 20
|
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