By Sheri Kasprzak
New York, Sept. 11 - Sunrise Energy Resources, Inc. obtained a $20 million equity line of credit from Dutchess Private Equities Fund, LP.
Under the two-year agreement, Dutchess may buy shares of Sunrise at a price equal to 96% of the lowest closing bid price for the five trading days before a draw.
There is a limit on each draw equal to either $250,000 or 200% of the average daily volume of the company's stock for the 10 trading days before a draw multiplied by the three daily closing bid prices immediately before the draw.
New York-based Sunrise is an oil and natural gas exploration company.
| Issuer: | Sunrise Energy Resources, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $20 million
|
| Tenor: | Two years
|
| Price: | 96% of the lowest closing bid price for the five trading days before a draw
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, LP
|
| Settlement date: | Sept. 7
|
| Stock symbol: | OTCBB: SEYR
|
| Stock price: | $0.65 at close Sept. 7
|
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