Offering with Southridge Partners will span two years, company reports
By Devika Patel
Knoxville, Tenn., Oct. 7 - Left Behind Games Inc. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on Oct. 6, according to an 8-K filed Friday with the Securities and Exchange Commission.
Over the course of two years, the investor will buy shares in tranches equal to the lesser of $500,000 and 250% of the average of the dollar volume for the 20 trading days immediately preceding the put date.
The purchase price will be equal to 92% of the average of the two lowest closing bid prices during the five-trading-day period immediately following the put notice date.
Modesa also received $25,000 in preferred stock, which is convertible into common shares at a conversion price of $0.0003 per share. The conversion price reflects a 90% discount to the Oct. 5 closing share price of $0.003.
The Murrieta, Calif., company develops and sells Christian inspirational personal computer video games based upon the Left Behind series of novels.
| Issuer: | Left Behind Games Inc.
|
| Issue: | Equity purchase agreement, preferred stock
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | 8% discount
|
| Warrants: | No
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| Investor: | Southridge Partners II, LP
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| Pricing date: | Oct. 6
|
| Stock symbol: | OTCBB: LFBG
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| Stock price: | $0.003 at close Oct. 6
|
|
|
| Preferreds
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| Amount: | $25,000
|
| Conversion price: | $0.0003
|
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