By Sheri Kasprzak
Atlanta, Dec. 17 - Cinema Ride Inc. said Friday it has received a $10 million equity line from Cornell Capital Partners LP.
The company will be able to draw on the standby equity distribution agreement, which was closed Dec. 7, for two years.
Cinema Ride will control both the timing and the amount of the stocks sold to Cornell.
Cornell received 290,000 additional shares as commitment shares and will receive an additional 290,000 shares on the first anniversary of the agreement.
Newbridge Securities Corp. was the placement agent in the offering.
Based in Studio City, Calif., Cinema Ride is a three-dimensional motion simulator operator.
| Issuer: | Cinema Ride Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | To be determined by Cinema Ride
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| Warrants: | No
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| Placement agent: | Newbridge Securities Corp.
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| Investor: | Cornell Capital Partners LP
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| Pricing date: | Dec. 7
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| Announcement date: | Dec. 17
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| Stock price: | $0.45 at close Dec. 7
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| Stock price: | $0.45 at close Dec. 17
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