By Sheri Kasprzak
New York, April 6 - visionGateway, Inc. said it has obtained a $15 million standby equity distribution agreement from Cornell Capital Partners, LP.
Cornell agreed to buy shares of visionGateway at 97% of the lowest daily volume weighted average price for the five trading days before notice of a draw.
There is a $950,000 limit on each advance under the equity line.
Newbridge Securities Corp. was the placement agent.
Located in San Diego, visionGateway develops internet management software.
| Issuer: | visionGateway, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $15 million
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| Price: | 97% of the lowest daily VWAP for the five trading days before notice of a draw
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| Warrants: | No
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Newbridge Securities Corp.
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| Settlement date: | April 5
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| Stock symbol: | OTCBB: VGWA
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| Stock price: | $0.60 at close April 5
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| Stock price: | $0.56 at close April 6
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