Kodiak agrees to invest up to $1 million in stock from time to time
By Susanna Moon
Chicago, May 18 – Emerald Medical Applications Corp. has lined up a $1 million equity purchase agreement on May 12 with Kodiak Capital Group, LLC, according to an 8-K filing with the Securities and Exchange Commission.
Under the agreement, the company agreed to sell up to $1 million of common stock from time to time.
As partial payment, the company also issued to 150,000 shares as a commitment fee.
In connection with the agreement, the company said it also entered into a registration rights agreement with Kodiak to register for resale the put shares of common stock that may be issued under the equity purchase agreement and the commitment shares.
The purchase price of the put shares will be equal to 70% of the market price of the common stock as defined in the equity purchase agreement.
There is no minimum amount that the company may require the investor to purchase at any one time, but the company may not require the investor to purchase put shares of common stock if the purchase would result in the investor’s beneficial ownership exceeding 9.99% of the outstanding stock.
On May 12, the company issued 150,000 restricted shares of its common stock to Kodiak.
Emerald, formerly Zaxis International Inc., is a shell company based in Petah Tikva, Israel.
| Issuer: | Emerald Medical Applications Corp.
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| Issue: | Common stock
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| Amount: | $1 million
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| Warrants: | No
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| Investor: | Kodiak Capital Group, LLC
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| Settlement date: | May 12 for 150,000 restricted shares
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| Stock symbol: | OTC BB: MRLA
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| Stock price: | $0.62 at close May 17
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| Market capitalization: | $11.63 million
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