By Sheri Kasprzak
Atlanta, Dec. 8 - ChampionLyte Holdings Inc. said Wednesday it has received $20 million in a standby equity distribution agreement from an institutional investor.
The agreement, good for two years, allows the company to draw upon the line at its discretion through the sale of shares.
Based in Miami, ChampionLyte is a holding company specializing in sugar-free isotonic sports drinks. The company plans to use the funds from the agreement to finance brand development. The money may also be used to fund potential acquisitions.
| Issuer: | ChampionLyte Holdings Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $20 million
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| Tenor: | Two years
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| Warrants: | No
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| Announcement date: | Dec. 8
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| Stock price: | $0.05 at close Dec. 7
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