Shares to be sold over three years to Premier Venture at 10% discount
By Devika Patel
Knoxville, Tenn., Aug. 20 – Flasr Inc. arranged a $3 million equity purchase agreement with Premier Venture Partners, LLC on Aug. 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The common shares will be sold over three years. The number of shares sold in each tranche will equal at least $10,000 and may not exceed 400% of the average daily trading volume of the stock for the five trading days preceding the put notice.
The purchase price will be set at 90% of the lowest closing price of the stock during the 10 trading days following the put notice.
Premier also received 473,784 common shares as a commitment fee and a $75,000 5% unsecured convertible promissory note due Feb. 6, 2016. The note may be prepaid in whole or in part at any time and is convertible into common stock at a price equal to 70% of the lowest daily volume weighted average price of the stock during the 10 trading days preceding conversion.
Proceeds will be used to develop the company’s strategy.
The Atlanta company sells portable waste solutions for consumers of moist tobacco products.
| Issuer: | Flasr Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $3 million
|
| Tenor: | Three years
|
| Price: | 25% discount
|
| Warrants: | No
|
| Investor: | Premier Venture Partners, LLC
|
| Fees: | 3.5 million shares, $10,000 document preparation fee
|
| Settlement date: | Aug. 17
|
| Stock symbol: | OTCBB: FLSR
|
| Stock price: | $0.14 at close Aug. 14
|
| Market capitalization: | $10.14 million
|
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