O2Diesel (OTD) Announces $10 Million Common Stock Purchase Agreement With Fusion Capital
O2Diesel Corporation (AMEX: OTD) has entered into a $10 million Common Stock Purchase Agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor. Subject to earlier termination at O2Diesel's discretion, Fusion Capital's purchases will occur after the Securities and Exchange Commission has declared effective the registration statement related to the transaction.
Under the agreement, O2Diesel has the right to sell shares of its common stock to Fusion Capital from time to time in amounts between $100,000 and $1 million, depending on certain conditions, for an aggregate amount of up to $10 million. The purchase price of the shares will be based upon the market price of the Company's shares at the time of each sale without any fixed discount. In addition, O2Diesel will control the timing and amount of any sales of shares to Fusion Capital. Fusion Capital will not have the right or the obligation to purchase any shares of the O2Diesel's common stock on any business day that the price of the company's common stock is below $0.50.
Under the agreement, O2Diesel has the right to sell shares of its common stock to Fusion Capital from time to time in amounts between $100,000 and $1 million, depending on certain conditions, for an aggregate amount of up to $10 million. The purchase price of the shares will be based upon the market price of the Company's shares at the time of each sale without any fixed discount. In addition, O2Diesel will control the timing and amount of any sales of shares to Fusion Capital. Fusion Capital will not have the right or the obligation to purchase any shares of the O2Diesel's common stock on any business day that the price of the company's common stock is below $0.50.
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