$PHBI CARSON CITY, NV, Nov. 12, 2019 (GLOBE NEWSWI
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Posted On: 11/12/2019 9:46:45 AM
$PHBI CARSON CITY, NV, Nov. 12, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce today that the company signed a term sheet for an Equity Purchase Agreement (the "Equity Agreement"
with Oscaleta Partners LLC ("Oscaleta", that should enable Pharmagreen to access capital over the next 2 years to support its current growth plans. The terms of the Equity Agreement will give Pharmagreen the right, but NEVER THE OBLIGATION, to sell to Oscaleta up to Ten Million Dollars’ worth of Pharmagreen’s registered common stock over an anticipated two-year period at times and in amounts that Pharmagreen deems appropriate.
Under the terms of the Equity Agreement,* following the effectiveness of a registration statement to be filed with the Securities and Exchange Commission registering for resale by Oscaleta the shares to be sold to Oscaleta pursuant to the Equity Agreement, Pharmagreen has the right to deliver put notices to Oscaleta stating the dollar amount of Pharmagreen’s shares to be sold (with no minimum or maximum dollar amount per put notice, but with Oscaleta’s obligation to purchase shares limited by Oscaleta’s 9.99% ownership cap, and with the aggregate number of shares to be sold (not to exceed the $10,000,000 total dollar commitment amount). The Purchase Price is calculated at eighty-five (85%) percent of the market price per share with a guarantee Floor Price no lower than eighty (80%) percent of the average of the four (4) lowest closing bid prices during immediately preceding the date of the put notice.
with Oscaleta Partners LLC ("Oscaleta", that should enable Pharmagreen to access capital over the next 2 years to support its current growth plans. The terms of the Equity Agreement will give Pharmagreen the right, but NEVER THE OBLIGATION, to sell to Oscaleta up to Ten Million Dollars’ worth of Pharmagreen’s registered common stock over an anticipated two-year period at times and in amounts that Pharmagreen deems appropriate. Under the terms of the Equity Agreement,* following the effectiveness of a registration statement to be filed with the Securities and Exchange Commission registering for resale by Oscaleta the shares to be sold to Oscaleta pursuant to the Equity Agreement, Pharmagreen has the right to deliver put notices to Oscaleta stating the dollar amount of Pharmagreen’s shares to be sold (with no minimum or maximum dollar amount per put notice, but with Oscaleta’s obligation to purchase shares limited by Oscaleta’s 9.99% ownership cap, and with the aggregate number of shares to be sold (not to exceed the $10,000,000 total dollar commitment amount). The Purchase Price is calculated at eighty-five (85%) percent of the market price per share with a guarantee Floor Price no lower than eighty (80%) percent of the average of the four (4) lowest closing bid prices during immediately preceding the date of the put notice.
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