NEW YORK, Feb. 11, 2014 /PRNewswire/ -- KonaRed
Corp (OTCQB: KRED) brings the health and wellness properties of
the coffee fruit (the shell that surrounds the coffee bean) to the
market. KonaRed has developed an innovative, process that produces
antioxidant-packed extracts and powders from the coffee fruit which
are used in its antioxidant juices, organic green teas, and
on-the-go packs, as well as ingredients which can be added to food,
beverages, and nutritional products.
In a press release dated February
6th, KRED announced a purchase agreement with Lincoln Park
Capital Fund, LLC ("LPC"), a Chicago-based institutional investor, whereby
LPC committed to invest, at KRED's sole option, up to $12 million of equity capital over the term of
the Purchase Agreement:
During the 30-month term of the Purchase Agreement the Company,
at its sole discretion, has the right to sell to LPC up to
$12 million of its common stock, in
amounts as described in the Purchase Agreement and subject to
certain conditions, which include the effectiveness of a
registration statement with the U.S. Securities and Exchange
Commission (the "SEC") registering the sale of the shares that may
be issued to LPC. The Company controls the timing and amount of any
future investment and LPC is obligated to make purchases, if and
when the Company elects in accordance with the Purchase
Agreement.
There are no upper limits to the price LPC may pay to purchase
KonaRed common stock and the purchase price of the shares related
to any future investments will be based on the prevailing market
prices of the Company's shares immediately preceding the notice of
sale to LPC. LPC has agreed not to cause or engage in any manner
whatsoever, any direct or indirect short selling or hedging of the
Company's shares of common stock. In consideration for entering
into the Purchase Agreement, the Company has issued shares of
common stock to LPC as a commitment fee. From the commencement date
as set out in the Purchase Agreement, the Purchase Agreement may be
terminated by the Company at any time, at its sole discretion,
without any monetary cost.
Where will the benefit from the LPC purchase agreement fall?
Will it be KRED, LPC, investors, or all of the above? Find out by
reading the report at the following link:
http://bit.ly/KREDAnalystReport
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