Two-year investment agreement planned with investor Hanover Holdings
By Devika Patel
Knoxville, Tenn., Feb. 21 - Tungsten Corp. arranged a $3 million two-year common stock purchase agreement with Hanover Holdings I, LLC on Feb. 18, according to an 8-K filed Friday with the Securities and Exchange Commission. Garden State Securities was the agent.
The shares will be sold at a purchase price equal to 95% of the arithmetic average of the three lowest volume weighted average prices that equal or exceed the product of 0.70 and the volume weighted average price over the 10 trading days preceding the put notification date.
Each tranche will be limited to 350% of the average daily trading volume of the common stock for the 10 trading days preceding the drawdown date.
The investor was paid a commitment fee of $150,000 in the form of 2,065,177 restricted shares.
The tungsten explorer is based in Davie, Fla.
| Issuer: | Tungsten Corp.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $3 million
|
| Tenor: | Two years
|
| Price: | 95% of the arithmetic average of the three lowest volume weighted average prices that equal or exceed the product of 0.70 and the volume weighted average price over the 10 trading days preceding the put notification date
|
| Warrants: | No
|
| Agent: | Garden State Securities
|
| Investor: | Hanover Holdings I, LLC
|
| Fees: | 2,065,177 restricted shares
|
| Settlement date: | Feb. 18
|
| Stock symbol: | OTCBB: TUNG
|
| Stock price: | $0.07 at close Feb. 14
|
| Market capitalization: | $4.96 million
|
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