VIASPACE Closes $23.8M Financing, $3.8M Debenture, $20M Standby Equity.
AI Summary1 min read
TL;DR
VIASPACE secured $23.8M in financing from Cornell Capital, including a $3.8M convertible debenture at $0.60/share and a $20M standby equity facility.
VIASPACE Inc. has closed a financing with Cornell Capital Partners, LP, including a $3.8 million debenture convertible into common stock at $0.60 per share. The debenture will be disbursed in three tranches, with the first tranche of $1.5 million already received. A second tranche of $1.2 million will be disbursed upon filing of a registration statement, and the remaining $1.1 million will be disbursed upon the effectiveness of the statement. Additionally, there is a $20 million standby equity financing.