By Sheri Kasprzak
Atlanta, May 20 - Transax International Ltd. said it has received a $5 million standby equity distribution agreement from Cornell Capital Partners LP.
The company may sell shares to Cornell at 97% of the lowest closing bid price for five trading days immediately after notice of a draw.
Cornell will retain 5% of each advance.
There is a $200,000 weekly limit on each advance and a $1 million monthly limit on each advance.
In other news, Transax cancelled its previous convertible debenture agreement with Cornell and replaced it with a 12% promissory note.
On Oct. 25, 2004, Cornell bought $250,000 in debentures. The debentures bore interest at 5% annually.
The $255,000 note represents the outstanding principal of the debentures plus interest. The note is secured by a pledge of stocks.
Based in Miami, Transax provides information networking services to the healthcare industry.
| Issuer: | Transax International Ltd.
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| Issue: | Standby equity distribution agreement
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| Amount: | $5 million
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| Price: | 97% of lowest closing bid price for five trading days before notice
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| Warrants: | No
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| Investors: | Cornell Capital Partners LP
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| Settlement date: | May 17
|
| Stock price: | $0.11 at close May 17
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