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Article: CTI Industries Receives Equity Financing Commitment From Cornell Capital Partners, LP.
- Article from:
- Business Wire
- Article date:
- June 6, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BARRINGTON, Ill. -- CTI Industries Corporation (NASDAQ:CTIB) today announced that it has received an equity financing commitment from Cornell Capital Partners, LP.
On June 6, 2006, the CTI and Cornell entered into a Standby Equity Distribution Agreement under which the CTI may, at its discretion, periodically sell to Cornell shares of its common stock over a 24 month period in amounts not to exceed $100,000 per draw, up to a maximum of $5 million. The facility may be used in whole or in part entirely at CTI's discretion; provided that CTI may not sell to Cornell in excess of 400,000 shares (20% of the currently outstanding shares) unless and until CTI has ...
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