SinglePoint, Inc. (OTC: SING) ("SinglePoint" or th
Post# of 1134
Posted On: 04/14/2015 9:26:12 AM
SinglePoint, Inc. (OTC: SING) ("SinglePoint" or the "Corporation"
, a company focused on mobile technology and mobile payment solution including clients in the cannabis industry, announced today that it has entered into a $10 million US equity line facility agreement with Dutchess Opportunity Fund II, LP, a Delaware limited partnership.
SinglePoint anticipates it will file a registration statement with the U.S. Securities & Exchange Commission ("SEC" to register a class of shares that may be issued to Dutchess under the terms of the investment agreement. Once the SEC has declared SinglePoint's registration statement effective, the Company has the right, at its sole discretion to sell up to $10 million US of common stock at 95% of the then current market price at the time of a drawdown, under the terms set forth in the agreement.
Greg Lambrecht, President and CEO of SinglePoint, comments: "We are very pleased to have completed this financing with Dutchess, as we see them as a long term capital partner. We anticipate that this new financing will allow SinglePoint to achieve significant milestones to complete the development and deployment of our solutions. The additional funding will allow us to push forward with our growth strategies of our services and products and give us the financial stability to market and scale the Company quickly."
Douglas Leighton, managing partner at Dutchess, comments: "Dutchess is one of the more active institutional investors in cannabis-related enterprises, we believe SinglePoint's technology will benefit the industry as well as gain major momentum in the other industries they are currently serving. We are delighted to add SinglePoint to our portfolio. We believe this funding will help the Company continue with the Company's technological growth."
, a company focused on mobile technology and mobile payment solution including clients in the cannabis industry, announced today that it has entered into a $10 million US equity line facility agreement with Dutchess Opportunity Fund II, LP, a Delaware limited partnership. SinglePoint anticipates it will file a registration statement with the U.S. Securities & Exchange Commission ("SEC"
to register a class of shares that may be issued to Dutchess under the terms of the investment agreement. Once the SEC has declared SinglePoint's registration statement effective, the Company has the right, at its sole discretion to sell up to $10 million US of common stock at 95% of the then current market price at the time of a drawdown, under the terms set forth in the agreement. Greg Lambrecht, President and CEO of SinglePoint, comments: "We are very pleased to have completed this financing with Dutchess, as we see them as a long term capital partner. We anticipate that this new financing will allow SinglePoint to achieve significant milestones to complete the development and deployment of our solutions. The additional funding will allow us to push forward with our growth strategies of our services and products and give us the financial stability to market and scale the Company quickly."
Douglas Leighton, managing partner at Dutchess, comments: "Dutchess is one of the more active institutional investors in cannabis-related enterprises, we believe SinglePoint's technology will benefit the industry as well as gain major momentum in the other industries they are currently serving. We are delighted to add SinglePoint to our portfolio. We believe this funding will help the Company continue with the Company's technological growth."
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