By Sheri Kasprzak
New York, Feb. 6 - Jeantex Group, Inc. has revealed the particulars of its previously announced $10 million equity line with Cornell Capital Partners, LP.
Cornell agreed to buy shares of Jeantex at 98% of the lowest volume-weighted average price for the five trading days before drawdown notice for two years.
There is a $450,000 limit on each draw.
Cornell will receive warrants for 4,807,792 shares, exercisable at $0.52 each for five years, and 2,777,778 shares, exercisable at $0.90 each for five years.
Newbridge Securities Corp. was the placement agent.
Los Angeles-based Jeantex designs and produces apparel.
| Issuer: | Jeantex Group, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Tenor: | Two years
|
| Price: | 98% of the lowest VWAP for the five trading days before notice of a draw
|
| Warrants: | For 7,585,570 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.52 for 4,807,792 shares; $0.90 for 2,777,778 shares
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| Investor: | Cornell Capital Partners, LP
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| Placement agent: | Newbridge Securities Corp.
|
| Settlement date: | Feb. 1
|
| Stock symbol: | OTCBB: JNTX
|
| Stock price: | $0.44 at close Feb. 1
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