By Devika Patel
Knoxville, Tenn., March 13 - JAG Media Holdings, Inc. negotiated a $5 million committed equity financing facility on March 12, according to an 8-K filed Friday with the Securities and Exchange Commission.
The facility was negotiated with YA Global Master SPV Ltd., which has agreed to invest $5 million over three years. YA Global will advance capital in $250,000 tranches to JAG Media five days after receiving a written advance notice. The notices may be submitted every five days.
Under the agreement, the common shares will be sold at 95% of the lowest volume-weighted average price of the company's shares during the five trading days immediately following the date of the notice.
The company also said in the filing that certain warrants previously issued to YA Global were amended. The strike price was lowered to $0.07 per share from $0.60 per share. In addition, YA Global agreed to exercise the 2 million shares underlying these warrants, on a cash basis, resulting in an additional $140,000 of proceeds for JAG Media.
JAG Media, based in Perris, Calif., is a news service focused on stocks.
| Issuer: | JAG Media Holdings, Inc.
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| Issue: | Committed equity financing facility
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| Amount: | $5 million
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| Term: | Three years
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| Price: | 95% of the lowest VWAP following each advance notice
|
| Warrant: | No
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| Investor: | YA Global Master SPV Ltd.
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| Settlement date: | March 12
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| Stock symbol: | OTCBB: JAGH
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| Stock price: | $0.175 at close March 12
|
| Market capitalization: | $14.1 million
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