Synergy Technologies Corp. (Conroe, TX) announced that it has entered into a common stock purchase agreement with Fusion Capital Fund II LLC (Chicago, IL) whereby Fusion Capital shall buy up to $6.0 million of Synergy Technologies' common stock. The funds will be used to continue the commercialization of Synergy's two proprietary and patented technologies, CPJ and SynGen, and for general corporate purposes.
Under the common stock purchase agreement, funding of the $6.0 million shall occur from time to time at the request of the company after the Securities and Exchange Commission has declared effective a registration statement covering the shares of common stock to be purchased by Fusion Capital. Synergy will control the timing and amount of shares sold to Fusion. The purchase price of the shares shall be determined at the time of sale based upon the current market price of Synergy's common stock, without any fixed discount.
