By Sheri Kasprzak
New York, July 19 - Golden Phoenix Minerals Inc. said it has secured a $6.2 million equity line from Fusion Capital Fund II, LLC.
Under the terms of the agreement, Fusion will buy shares of the company's stock for up to two years. The price per share will vary according to the current market price, but Golden Phoenix may sell up to $12,500 in shares in each trading day of the term of the agreement.
Once a registration statement is declared effective, Fusion will buy $200,000 in shares at $0.15 each.
Based in Sparks, Nev., Golden Phoenix is a gold exploration company.
| Issuer: | Golden Phoenix Minerals Inc.
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| Issue: | Equity line
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| Amount: | $6.2 million
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| Price: | Based upon current market price
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Settlement date: | July 13
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| Stock price: | $0.17 at close July 13
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