By Sheri Kasprzak
Atlanta, April 18 - Trust Licensing Inc. said it received a $10 million standby equity distribution agreement from Cornell Capital Partners, LP.
The company may sell shares at 98% of the lowest volume weighted average price of the company's stock for five trading days before notice of a draw. The term of the equity line is for two years.
Trust also issued a warrant for 200,000 shares, exercisable at $0.01 each for two years.
There is a $300,000 limit on each draw, and Cornell will retain 6% of each advance. Cornell will also receive 3.8 million shares as a fee for the transaction.
In other news, the company said it received a $600,000 bridge loan from Montgomery Equity Partners, Ltd.
Based in Plantation, Fla., Trust Licensing is a technology and intellectual property company. The proceeds will be used for corporate growth.
| Issuer: | Trust Licensing Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Price: | 98% of the lowest volume weighted average price for five days before notice
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| Tenor: | Two years
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| Warrants: | For 200,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.01
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| Investors: | Cornell Capital Partners, LP
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| Settlement date: | April 14
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| Stock price: | $0.05 at close April 14
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