Investor Tarpon Bay commits to purchase common shares at a 10% discount
By Devika Patel
Knoxville, Tenn., Oct. 16 – Nate’s Foods Co. arranged a $5 million two-year equity purchase agreement with Tarpon Bay Partners LLC on Oct. 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
Tarpon Bay will pay a purchase price equal to 90% of the lowest closing bid price of the common stock during the 10 trading days following a put notice.
The Huntington Beach, Calif., company sells ready-to-use, pre-mixed pancake and waffle batter delivered in a pressurized can.
| Issuer: | Nate’s Foods Co.
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| Issue: | Equity purchase agreement
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| Amount: | $5 million
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| Tenor: | Two years
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| Price: | 10% discount
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| Warrants: | No
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| Investor: | Tarpon Bay Partners LLC
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| Settlement date: | Oct. 7
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| Stock symbol: | OTCBB: NHMD
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| Stock price: | $0.03 at close Oct. 6
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| Market capitalization: | $1.75 million
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