Kodiak buys shares over one year; investor gets $37,500 0% convertible
By Devika Patel
Knoxville, Tenn., Dec. 23 – OWC Pharmaceutical Research Corp. arranged a $750,000 equity purchase agreement with Kodiak Capital Group, LLC on Dec. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The investor also received a $37,500 convertible promissory note.
The investor has committed to purchase up to $750,000 of the company’s common shares over the course of one year. The purchase price will be equal to 70% of the lowest closing bid price of the stock on any of the five trading days following the put notice.
The note does not bear interest, matures on June 17, 2016 and is convertible into common shares at a conversion price equal to 50% of the lowest daily volume weighted average price of the stock during the 30 trading days preceding conversion.
The Petach Tikva, Israel, company is seeking to commercialize and market its Electromagnetic Percussion Device and develop cannabis-based medical products.
| Issuer: | OWC Pharmaceutical Research Corp.
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| Issue: | Equity purchase agreement, convertible promissory note
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| Amount: | $787,500
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| Warrants: | No
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| Investor: | Kodiak Capital Group, LLC
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| Pricing date: | Dec. 17
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| Stock symbol: | OTCBB: OWCP
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| Stock price: | $0.09 at close Dec. 16
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| Market capitalization: | $5.7 million
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| Equity purchase agreement
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| Amount: | $750,000
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| Tenor: | One year
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| Price: | 70% of the lowest closing bid price of the stock on any of the five trading days following the put notice
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|
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| Convertible
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| Amount: | $37,500
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| Maturity: | June 17, 2016
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| Coupon: | 0%
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| Conversion price: | 50% of the lowest daily volume weighted average price of the stock during the 30 trading days preceding conversion
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