Lone investor agrees to purchase the company’s stock at a 5% discount
By Devika Patel
Knoxville, Tenn., May 20 – Leo Motors, Inc. negotiated a $10 million equity line agreement with a lone investor on May 17, according to an 8-K filed Friday with the Securities and Exchange Commission.
Each tranche is limited to the lesser of 4.99% of the then-current shares outstanding and 300% of the previous 10-day average trading volume of the shares, subject to a floor of $25,000 and a ceiling of $1 million per tranche.
The price per share will be 95% of the average of the lowest two volume-weighted average prices during the five consecutive trading days following the put notice.
The Seoul, South Korea, company markets lithium energy storage products.
| Issuer: | Leo Motors, Inc.
|
| Issue: | Equity line agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 5% discount
|
| Warrants: | No
|
| Settlement date: | May 17
|
| Stock symbol: | OTCBB: LEOM
|
| Stock price: | $0.28 at close May 16
|
| Market capitalization: | $48.96 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
