Three-year investment agreement planned with investor Hanover Holdings
By Devika Patel
Knoxville, Tenn., June 5 - Tauriga Sciences, Inc. arranged a $5 million three-year common stock purchase agreement with Hanover Holdings I, LLC on June 3, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The shares will be sold at a purchase price equal to 90% of the arithmetic average of the three lowest volume weighted average prices of the stock during the 10-day pricing period, with a floor price equal to the product of $0.70 and the volume weighted average price over the 10 trading days immediately preceding the date the drawdown notice is delivered.
Each tranche will be limited to 300% of the average daily trading volume of the stock for the 20 trading days immediately preceding the draw down notice date.
Hanover also received $175,000 in the form of 3,181,819 restricted common shares as a commitment fee.
The Danbury, Conn., company develops the next generation immunotherapies to treat cancer.
| Issuer: | Tauriga Sciences, Inc.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 90% of the arithmetic average of the three lowest volume weighted average prices of the stock during the ten day pricing period
|
| Warrants: | No
|
| Investor: | Hanover Holdings I, LLC
|
| Fees: | 3,181,819 restricted common shares
|
| Settlement date: | June 3
|
| Stock symbol: | OTCBB: TAUG
|
| Stock price: | $0.06 at close May 31
|
| Market capitalization: | $12.94 million
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