Two-year agreement negotiated with investor Centurion Private Equity
By Devika Patel
Knoxville, Tenn., April 14 - Green EnviroTech Holdings Corp. arranged a $5 million investment agreement with Centurion Private Equity, LLC on April 8, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Centurion has committed to purchase up to $5 million of the company's common stock over two years. The shares will be sold at a price equal to 97% of the average of the three lowest daily volume-weighted average prices of the stock for all trading days during the 15-trading-day pricing period following a put notice.
The company may draw the funds in tranches of up to 2 million shares. The investor also received 290,641 common shares as a commitment fee and 31,250 shares as a due diligence and legal and administrative fee.
Based in Oswego, Ore., Green Envirotech Holdings is a development-stage plastics recovery, separation, cleaning and recycling company.
| Issuer: | Green EnviroTech Holdings Corp.
|
| Issue: | Investment agreement
|
| Amount: | $5 million
|
| Tenor: | Two years
|
| Price: | 3% discount
|
| Warrants: | No
|
| Investor: | Centurion Private Equity, LLC
|
| Fees: | 321,891 shares
|
| Pricing date: | April 8
|
| Stock symbol: | OOTCBB: WCRM
|
| Stock price: | $0.51 at close April 8
|
| Market capitalization: | $19.66 million
|
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