By Susanna Moon
Chicago, July 20 - Vmoto Ltd. arranged a A$5 million standby subscription agreement with Fortrend Securities Pty. Ltd.
Under the agreement, the company will immediately draw A$500,000 for 3,068,351 shares at A$0.16 per share.
The price per share is 90% of the market price of the company's stock over the five trading days before notice of a draw.
Vmoto can draw up to five times the average daily trading volume over the 15 trading days before notice of a draw.
Fortrend also will receive one-for-eight options exercisable at 110% of the share issue price for three years after the draw. The investor can give only one drawdown notice per calendar month and shares cannot be issued for less than A$0.15.
Vmoto is a scooter manufacturing and distribution group company based in Perth, Australia.
| Issuer: | Vmoto Ltd.
|
| Issue: | Standby subscription agreement
|
| Amount: | A$5 million
|
| Price: | 90% of the market price of the company's stock over the five trading days before notice of a draw
|
| Options: | One for eight
|
| Option expiration: | Three years after draw
|
| Option strike price: | For 110% of share issue price
|
| Investor: | Fortrend Securities Pty Ltd
|
| Settlement date: | July 16
|
| Stock symbol: | Australia: VMT
|
| Stock price: | A$0.17 at close July 19
|
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