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Article: Water-electrolysis company receives $10M in financing from Cornell Capital.
- Article from:
- Health & Medicine Week
- Article date:
- November 29, 2004
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2004 NOV 29 - (NewsRx.com & NewsRx.net) -- Electric Aquagenics Unlimited, Inc., (EAU) (EAQU), a technology and life sciences company specializing in water electrolysis, announced a new relationship with U.S.-based private equity fund Cornell Capital Partners, LP, (Cornell).
Cornell will provide $10 million in the form of a standby equity distribution agreement (SEDA). Under the terms of the SEDA, Cornell has made a firm commitment to provide up to $10 million of funding to the company over a 24-month period to be drawn down solely at the company's discretion by the sale of its common stock to Cornell.
"We are pleased to have entered into this agreement ...