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Odyssey Group International Announces $10,250,000 Common Stock Purchase Agreement with Lincoln Park Capital Fund to Support its Long-Term Growth
Odyssey Group International Announces $10,250,000 Common Stock Purchase Agreement with Lincoln Park Capital Fund to Support its Long-Term Growth.
About this update from Odyssey Health Inc.
[{"type":"text","content":"Proceeds to Be Used to Ready Medical Devices for FDA 510k SubmissionsIRVINE, CA / ACCESSWIRE / August 20, 2020 / Odyssey Group International, Inc. (OTCQB:ODYY) (the "Company" or "Odyssey"), a technology and asset acquisition company focused on developing unique, life-saving medical products, today announced that on August 14, 2020 it entered into a common stock purchase agreement and registration rights agreement (together, the "Agreements") with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor. Upon entering into the Agreements, LPC made initial investment of $250,000.Following the initial investment, and subject to the conditions of the Agreements, including that a registration statement is filed and declared effective with the Securities and Exchange Commission the Company has the right, in its sole discretion, to sell to LPC up to an additional $10,000,000 worth of shares over a 36-month period. The Company will control the timing and amount of any sales to LPC, and LPC is obligated to make purchase in accordance with the Agreements.There are no upper limits to the price per share LPC may pay to purchase common stock and the purchase price of the shares will be based on the then prevailing market prices of the Company's shares at the time of each sale to LPC. No warrants, derivatives, financial or business covenants are associated with the Agreements and LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of shares of the Company's common stock. The Agreements may be terminated by the Company at any time, at its sole discretion, without any cost or penalty.Odyssey Chairman and Chief Executive Officer Michael Redmond, commented, "We are extremely happy to partner with Lincoln Park Capital. We are confident that the existing capital structure will support our short-term operational cash flow requirements while providing the flexibility to achieve our long-term growth targets. We look forward to furthering the development of both our Save A Life choking rescue device and CardioMap device with the ultimate goal of an FDA submission on each."A more detailed description of the Agreements is set forth in Odyssey's Current Reports on Form 8-K as filed with the SEC.This press release ...