By Sheri Kasprzak
New York, Jan. 13 - Global Matrechs, Inc. said it received a $15 million equity line from Brittany Capital Management Ltd.
Under the terms of the agreement, Brittany may buy shares of Global Matrechs at 92% of the average of the three lowest closing bid prices immediately before a draw.
Each draw is structured as a put option under which Brittany must buy a certain number of shares.
The terms of the equity line is three years.
Greenfield Capital Partners, LLC was the placement agent.
On Jan. 10, when the company entered into the agreement, it would issue 1,020,408,163 shares to draw down the full line. Global Matrechs currently has 144,349,989 outstanding shares.
Based in Ridgefield, Conn., Global Matrechs converts technologies it acquires to nuclear energy, environmental and chemical industries.
| Issuer: | Global Matrechs, Inc.
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| Issue: | Equity line
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| Amount: | $15 million
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| Tenor: | Three years
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| Price: | At 92% of the average of the three lowest closing bid prices immediately before a draw
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| Investor: | Brittany Capital Management Ltd.
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| Placement agent: | Greenfield Capital Partners, LLC
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| Settlement date: | Jan. 10
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| Stock symbol: | OTCBB: GMTH
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| Stock price: | $0.01 at close Jan. 10
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