By Devika Patel
Knoxville, Tenn., April 26 - Revolutions Medical Corp. negotiated a $10 million drawdown equity financing with Auctus Private Equity Fund, LLC on April 22, according to an 8-K filed Monday with the Securities and Exchange Commission.
Auctus has committed to purchase up to $10 million of the company's common stock over three years at 97% of the lowest closing bid price during the five trading days following the company's notice of a planned drawdown.
The maximum amount that may be sold in each tranche is the greater of $250,000 or 200% of the average daily trading volume for the 20 trading days preceding the drawdown notice date.
Based in Mount Pleasant, S.C., Revolutions Medical designs and develops retractable safety needle devices.
| Issuer: | Revolutions Medical Corp.
|
| Issue: | Equity line of credit
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 3% discount to market price
|
| Warrants: | No
|
| Settlement date: | April 22
|
| Stock symbol: | OTCBB: SKGP
|
| Stock price: | $0.29 at close April 22
|
| Market capitalization: | $10.4 million
|
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