Kodiak Capital Group commits to purchase common shares through deal
By Devika Patel
Knoxville, Tenn., June 29 – Evans Brewing Co. Inc. said it has arranged a $1 million equity purchase agreement with Kodiak Capital Group, LLC.
The investor has committed to purchase up to $1 million of the company’s common shares at a price equal to the greater of $2.50 per share or 70% of the lowest daily volume weighted average price of the stock.
Proceeds will be used to secure the location for a new brewing facility and tasting room and implement additional aspects of the company's expansion strategy.
The Irvine, Calif., company develops and distributes craft beer.
| Issuer: | Evans Brewing Co. Inc.
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| Issue: | Equity purchase agreement
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| Amount: | $1 million
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| Price: | The greater of $2.50 per share or 70% of the lowest daily volume weighted average price of the stock
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| Warrants: | No
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| Investor: | Kodiak Capital Group, LLC
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| Pricing date: | June 29
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| Stock symbol: | OTCBB: ALES
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| Stock price: | $2.25 at close June 28
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| Market capitalization: | $10.26 million
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