Kodiak Capital Group commits to purchase common shares at 20% discount
By Devika Patel
Knoxville, Tenn., Oct. 21 – Dominovas Energy Corp. arranged a $3 million equity purchase agreement with Kodiak Capital Group, LLC on Oct. 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The investor has committed to purchase up to $3 million of the company’s common shares until Dec. 31, 2015.
The shares will be sold at a purchase price equal to 80% of the lowest closing bid price of the stock for any trading day during the five trading days following the put notice.
Kodiak received a $165,000 commitment fee in the form of a convertible promissory note. The one-year 12% note is convertible at a 50% discount to the lowest closing bid price for the 30 days preceding conversion.
The oil and gas explorer is based in Atlanta.
| Issuer: | Dominovas Energy Corp.
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| Issue: | Equity purchase agreement
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| Amount: | $3 million
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| Tenor: | Dec. 31, 2015
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| Price: | 80% of the lowest closing bid price of the stock for any trading day during the five trading days following the put notice
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| Warrants: | No
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| Investor: | Kodiak Capital Group, LLC
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| Fees: | $165,000 convertible promissory note
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| Pricing date: | Oct. 17
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| Stock symbol: | OTCBB: DNRG
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| Stock price: | $0.06 at close Oct. 16
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| Market capitalization: | $5.43 million
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