PHBI Their Equity Agreement will give Pharmagreen
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Posted On: 11/20/2019 10:44:46 AM
PHBI Their 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 Equity Agreement will hopefully allow Pharmagreen to move forward at a faster pace with its development of the Cannabis Biotech Complex and state of the art Greenhouse. Pharmagreen is finalizing its updated development plans to include an all-year round greenhouse operations in support of its starter plantlets sales with its CBD Dana hemp strain. The completion of the greenhouse will generate revenues for the company, while its 1 Million per month, tissue culture starter plantlet production facility, Cannabis Biotech Complex, is under construction. To date that company has done some initial site work and with the next $5 Million in the treasury the company plans to complete both, the site pre-construction phase for the Cannabis Biotech Complex and the building of the all-year round greenhouse. Pharmagreen Signs Term Sheet for $10 Million Equity Purchase Agreement https://finance.yahoo.com/news/pharmagreen-si...00854.html
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.
PHBI
#biotech
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 Equity Agreement will hopefully allow Pharmagreen to move forward at a faster pace with its development of the Cannabis Biotech Complex and state of the art Greenhouse. Pharmagreen is finalizing its updated development plans to include an all-year round greenhouse operations in support of its starter plantlets sales with its CBD Dana hemp strain. The completion of the greenhouse will generate revenues for the company, while its 1 Million per month, tissue culture starter plantlet production facility, Cannabis Biotech Complex, is under construction. To date that company has done some initial site work and with the next $5 Million in the treasury the company plans to complete both, the site pre-construction phase for the Cannabis Biotech Complex and the building of the all-year round greenhouse. Pharmagreen Signs Term Sheet for $10 Million Equity Purchase Agreement https://finance.yahoo.com/news/pharmagreen-si...00854.html
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.
PHBI
#biotech
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