Charge Enterprises Enters into Securities Purchase Agreement with Island Capital Group LLC
Charge Enterprises Inc., which includes global businesses with the vision to connect people with communications and electric-vehicle charging, has entered into a Securities Purchase Agreement with Island Capital Group LLC, a merchant bank specializing in real estate transactions.
Island Capital as a whole has had over 30 years of expertise in over $250 billion of transactions ranging across fund management, financial advisory, and consulting. Island Capital has been issued approximately 1.4 million shares of Charge common stock at $7 per share, the gross proceeds total a minimum of $7.5 million and a maximum of $10 million. The Securities Purchase Agreement also issues warrants to purchase up to 2 million shares of Charge’s common stock with an exercise price of $8.50 per share under a three-year term.
Charge plans to use the proceeds to invest in organic growth, for general corporate purposes, and working capital. The funding is expected to close by the end of April. These securities have not yet been registered under the Securities Act of 1933 or any state security law. They will not be sold without registration in the SEC.