Kodiak Capital commits to purchase common shares until Dec. 31, 2017
By Devika Patel
Knoxville, Tenn., May 26 – Franchise Holdings International, Inc. arranged a $1 million equity purchase agreement with Kodiak Capital Group, LLC on May 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The investor has committed to purchase up to $1 million of the company’s common shares until Dec. 31, 2017. The purchase price will be equal to 70% of the lowest closing price of the stock on any of the five trading days following the put notice.
Based in Vaughan, Ont., the company invests in franchises.
| Issuer: | Franchise Holdings International, Inc.
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| Issue: | Equity purchase agreement
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| Amount: | $1 million
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| Tenor: | Dec. 31, 2017
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| Price: | 70% of the lowest closing price of the stock on any of the five trading days following the put notice
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| Warrants: | No
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| Investor: | Kodiak Capital Group, LLC
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| Pricing date: | May 24
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| Stock symbol: | OTCBB: FNHI
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| Stock price: | $0.44 at close May 23
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| Market capitalization: | $32.37 million
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