Ascendiant Capital will purchase company's shares at a 10% discount
By Devika Patel
Knoxville, Tenn., July 1 - Visualant, Inc. arranged a $3 million securities purchase agreement with Ascendiant Capital Partners on June 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company may draw up to $3 million for two years. There must be a minimum of three trading days between each drawdown request. The company may draw the funds in tranches of up to $100,000 or 20% of the total trading volume for the 10-trading-day period immediately preceding the draw down, times the average volume-weighted average price during that period, whichever is lower.
The purchase price per share will be equal to 90% of the volume-weighted average price on each trading day during the five-trading-day pricing period or 90% of the volume-weighted average price on each trading day during the five-trading-day pricing period minus $0.01, whichever is lower.
The company will pay 5% in shares as a commitment fee and $7,500 in cash or shares to cover other fees.
Seattle-based Visualant develops security and authentication systems technology.
| Issuer: | Visualant, Inc.
|
| Issue: | Securities purchase agreement
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| Amount: | $3 million
|
| Tenor: | Two years
|
| Price: | Discount of 10% or more
|
| Warrants: | No
|
| Investor: | Ascendiant Capital Partners
|
| Fees: | 5% in shares, $7,500
|
| Settlement date: | June 28
|
| Stock symbol: | OTCBB: VSUL
|
| Stock price: | $0.21 at close June 28
|
| Market capitalization: | $9.71 million
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