Civergy, Inc. announced that it expects to receive $2.52 million in funding
September 30, 2014 at 12:00 am
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Civergy, Inc. announced that it will receive $2,525,000 in funding on September 30, 2014. The company will issue convertible debentures and common stock in the transaction. The transaction will see participation from nine investors. The company will issue securities pursuant to exemption provided under Regulation D. Chardan Capital Markets LLC and Vikram Paul Grover of Source Capital Group, Inc. will act placement agents for the company and will receive $197,000 as sales commissions.
As of October 3, 2014, the company has issued convertible notes for gross proceeds of $1,800,000. The notes will be convertible into the company's common stock at a price of $5.618 per share along with additional equity consideration equal to the amount of company's common stock issuable through the conversion of the notes. After the merger, the notes are convertible into series C preferred stock at a price of $0.4389 per share subject to weighted average anti-dilution protection for subsequent issuances at below the conversion price.
Cybergy Holdings, Inc. is a holding company for its subsidiary, Cybergy Partners, Inc. (Partners). The Company is engaged in delivering technology-enabled products and services in clean energy, smart grid, energy resilience, cybersecurity, and business growth services. Partners is engaged in offering advisory services. Partners provide products for the federal and state governments, and commercial clients. The Company operates through three divisions: Cybergy Labs, New West Technologies and Primetrix. Cybergy Labs is a developer of specialized cybersecurity software applications, including SmartFile. New West Technologies provides energy solutions. Primetrix serves the United States Federal Government contractor firms with contract procurement, compliance, and growth services.