Purchase price discounted 20% in three-year deal with KVM Capital
By Devika Patel
Knoxville, Tenn., Nov. 21 - Vizconnect Inc. arranged a $1.2 million three-year investment agreement with KVM Capital Partners LLC on Nov. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The purchase price will be at a 20% discount to the average of the three lowest volume weighted average prices of the stock during the 10 trading days preceding a put notice.
The shares will be sold in tranches of up to 200% of the average daily volume up to $250,000 of the stock for the 10 consecutive trading days preceding the put notification date.
KVM will receive a consideration fee of 100,000 common shares.
Proceeds will be used for general corporate and working capital purposes.
The mobile video management platform is based in Springfield, Mass.
| Issuer: | Vizconnect Inc.
|
| Issue: | Investment agreement
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| Amount: | $1.2 million
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| Tenor: | Three years
|
| Price: | 20% discount
|
| Warrants: | No
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| Investor: | KVM Capital Partners LLC
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| Fees: | 100,000 common shares
|
| Pricing date: | Nov. 21
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| Stock symbol: | OTCBB: VIZC
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| Stock price: | $0.04 at close Nov. 20
|
| Market capitalization: | $1.1 million
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