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Arvana Inc. (OTCID:AVNI) announced it has entered into a stock purchase agreement with Generating Alpha Ltd., according to a press release statement based on a recent SEC filing.
Under the agreement executed August 11, Arvana may sell up to $5,000,000 of its fully registered, freely tradable common stock to Generating Alpha. The arrangement allows Arvana to request "Put" purchases of its shares, which Generating Alpha has agreed to buy at 96% of the average volume-weighted average price (VWAP) over the twenty trading days before each Put.
Each Put must be for at least $20,000, with the maximum amount per Put set at 300% of Arvana’s average daily trading volume. The maximum Put amount can be increased if both parties agree in writing. Generating Alpha’s ownership is limited to no more than 4.99% of Arvana’s outstanding common stock at any time.
As part of the agreement, Arvana will issue Generating Alpha a commitment fee in common stock equal to 1.5% of half the commitment amount. After drawing down half the commitment amount, Arvana will issue an additional 1.5% of half the commitment amount in common stock, with the total not to exceed 4.99% of the company’s outstanding shares. Any shares exceeding this threshold will be issued as a prefunded common stock purchase warrant.
The company’s common stock is listed on the OTCID market under the symbol AVNI.
This information is based on a press release statement and details disclosed in Arvana’s recent SEC filing.
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