Investor Tarpon Bay commits to purchase common shares over two years
By Devika Patel
Knoxville, Tenn., Dec. 29 – EMAV Holdings Inc. said it arranged a $5 million two-year equity purchase agreement with Tarpon Bay Partners LLC on Dec. 28.
The agreement was arranged by Southridge Advisors II LLC.
Proceeds will be used for acquisitions, manufacturing and marketing operations for EMAV’s commercial electric vehicles and for general working capital purposes.
The Irvine, Calif., company invests in automotive dealerships.
| Issuer: | EMAV Holdings Inc.
|
| Issue: | Equity purchase agreement
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| Amount: | $5 million
|
| Tenor: | Two years
|
| Warrants: | No
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| Agent: | Southridge Advisors II LLC
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| Investor: | Tarpon Bay Partners LLC
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| Settlement date: | Dec. 28
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| Stock symbol: | OTCBB: EMAV
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| Stock price: | $0.25 at close Dec. 24
|
| Market capitalization: | $14.32 million
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