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Stevia Corp secures $20m in financing
Stevia Corp has entered into an Equity Purchase Agreement of up to $20,000,000 of the company’s registered common stock by Southridge Partners, an investor based in Ridgefield, Connecticut (US).
This funding will enable the company to further accelerate its commercial development of stevia and related markets.
Pursuant to the agreement, the company has the right, at its discretion, to sell to Southridge up to $20m of its common stock from time to time over a 36-month period. The company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the agreement.
Both parties have also entered into a Registration Rights Agreement under which, the company agreed to file a registration statement with the Securities and Exchange Commission with respect to the shares.
George Blankenbaker, Stevia Corp president, said: “This is an important milestone for Stevia Corp to have accomplished. We have attracted and won the confidence of a forward-thinking institutional investor which says a lot about their conviction regarding our vision, management approach, and overall market demand. Having a flexible and low cost funding instrument in place allows us to efficiently accelerate our commercialisation and acquisition strategies.”
Source: Stevia Corp
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