By Sheri Kasprzak
Atlanta, Jan. 28 - Intrepid Technology & Resources Inc. has terminated its $25 million standby equity distribution agreement with Cornell Capital Partners LP but has entered into a new agreement with the investor.
The new two-year agreement is also for $25 million, and under the new terms, Intrepid may periodically sell shares to Cornell at 99% of the lowest closing bid price during five trading days after notice.
Cornell will retain 5% of each advance under the new agreement.
There is a $1 million weekly ceiling for each advance.
Under the previous agreement entered into on Oct. 13, the company could draw a maximum of $350,000 per week and a maximum of $1.2 million in a month.
Intrepid, which is based in Idaho Falls, Idaho, is an energy technology company. The company plans to use the funds from the equity agreement to help build and operate bio-gas refineries.
| Issuer: | Intrepid Technology
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| Issue: | Standby equity distribution agreement
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| Amount: | $25 million
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| Tenor: | Two years
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| Price: | 99% of lowest closing bid five days after the transaction's close (1% discount)
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| Warrants: | No
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| Investor: | Cornell Capital Partners LP
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| Settlement date: | Jan. 28
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| Stock price: | $0.044 at close Jan. 28
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