Three-year agreement arranged through investor Ascendiant Capital
By Devika Patel
Knoxville, Tenn., Oct. 19 - Titan Iron Ore Corp. secured a $10 million three-year equity line of credit agreement with Ascendiant Capital Partners, LLC on Oct. 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may request a drawdown once every eight trading days, and there must be a minimum of three trading days between each drawndown request.
The shares will be sold in tranches equal to (i) 20% of the average daily trading volume of the stock during the 10 trading days preceding the drawdown request multiplied by (ii) the average of the volume-weighted average prices of the stock during that period. The maximum drawdown amount is $250,000.
The price per share will be equal to the lesser of 90% of the volume-weighted average price of the stock and the volume-weighted average price minus $0.01.
Based in Tucson, Titan is focused on the acquisition and development of iron ore exploration and development mining properties.
| Issuer: | Titan Iron Ore Corp.
|
| Issue: | Equity line of credit
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| Amount: | $10 million
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| Tenor: | Three years
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| Price: | 10% discount
|
| Warrants: | No
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| Investor: | Ascendiant Capital Partners, LLC
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| Settlement date: | Oct. 18
|
| Stock symbol: | OTCBB: TFER
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| Stock price: | $0.47 at close Oct. 18
|
| Market capitalization: | $33.2 million
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