Proceeds from the Investment Agreement are used to satisfy debt service on the Draw Down
For a period of 2 years Access can draw down
up to $15 million from Cornell in exchange for Access common stock.
In addition, income draw down
carries taxation advantages in that, should the individual die before 75, the fund remaining in drawdown could pass into the individual 's estateless a tax charge of 35pc.
states, "The Company is now in an excellent position to draw down
funds as required, at our option, to fund additional applications for the Rand Cam[TM]/ RadMax[TM] technology, and to have sufficient funds available to qualify for a proposed listing on the American Stock Exchange or NASDAQ listing.
The advantage of this structured financing is that the funds are secured and available to us, and draw downs
under the facility are totally at our discretion.
A rapidly increasing level of risk since the beginning of the year, culminating in a level of 45% above that of the S&P500 before the first draw down
in May, and 89% above the S&P500 by the end of August.
This minimal draw down
of reserves will leave the balances at approximately the five-year average levels.
The revision reflects the impacts of the soft pool equipment market and resulting distributor inventory adjustments, as pool equipment customers draw down
existing inventories, on the performance of the Company's Pool & Spa business.
Generex Biotechnology Corporation (Nasdaq: GNBT) today announced the termination of its equity draw down
facility, which it had entered into on August 14, 2000 with Tradersbloom, Ltd.
Accordingly, 650,000 warrants will vest once a Committed Term Sheet has been accepted by Jinshan and a further 650,000 warrants will vest once Jinshan commences draw down
of the loan facility.
A partial draw down
of the 245-acre lake at Ricketts Glen State Park is underway to permit wide-scale improvements at the Luzerne County facility, the Pennsylvania Department of Conservation and Natural Resources (DCNR) today announced.