Offering inked with Centurion to sell common shares over three years
By Devika Patel
Knoxville, Tenn., June 9 - Vendum Batteries Inc. settled a $5 million investment agreement with Centurion Private Equity, LLC on June 3, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Centurion has committed to purchase up to $5 million of the company's common stock over three years. The shares will be sold at a price equal to 96% of the average of the three lowest daily volume-weighted average prices of the stock for all trading days during the 15-trading-day pricing period following a put notice or of the lowest daily VWAP of the stock during the 15-trading-day period immediately following a put notice minus $0.01, whichever is lower.
The company may draw the funds in tranches of up to $250,000, which will be sold in the form of up to 1.5 million shares or 17.5% of the trading volume of the stock during any pricing period.
The investor also received 128,453 common shares as a document preparation fee and 1,091,703 shares as a commitment fee.
The Reading, United Kingdom, mobile battery company focuses on developing a new cellulose-based power source.
| Issuer: | Vendum Batteries Inc.
|
| Issue: | Investment agreement
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 4% discount or more
|
| Warrants: | No
|
| Investor: | Centurion Private Equity, LLC
|
| Fees: | 1,220,156 shares
|
| Settlement date: | June 3
|
| Stock symbol: | OTCBB: VNDB
|
| Stock price: | $0.11 at close June 3
|
| Market capitalization: | $70.09 million
|
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