Two-year deal with Lincoln Park Capital has initial $300,000 tranche
By Devika Patel
Knoxville, Tenn., Sept. 16 - Naked Brand Group Inc. said it has arranged an $8.3 million stock purchase agreement with Lincoln Park Capital Fund, LLC. It has already raised $300,000 at a purchase price of $0.50 per share.
The company will sell common shares to Lincoln Park over two years.
Proceeds will be used for inventory purchases and other working capital requirements.
The men's undergarment manufacturer is based in Abbotsford, B.C.
| Issuer: | Naked Brand Group Inc.
|
| Issue: | Stock purchase agreement
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| Amount: | $8.3 million
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| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Settlement date: | Sept. 16 (for $300,000)
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| Stock symbol: | OTCBB: NAKD
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| Stock price: | $0.46 at close Sept. 13
|
| Market capitalization: | $12.76 million
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