Verdant and GEM Sign Stock Purchase Agreement Valued Up to $30M
VRDT Corporation announced today that it has signed a stock purchase agreement with GEM Global Yield Fund, a member of the Global Emerging Markets Group ("GEM"), which formalizes a commitment from GEM announced by Verdant in June, to fund Verdant with up to $30 million through a structured stock subscription facility.
Under the terms of the formalized agreement, funds are accessed from GEM, with limited restrictions, at Verdant's discretion through the issuance of common stock.
"This agreement gives Verdant the stability it needs to bring innovative energy technology solutions to the market," stated Graham Norton-Standen, Verdant's Executive Chairman, "[w]ith the signing of this agreement, the Verdant vision of bringing together the best energy technologies to affect real change takes another step forward. We have a great financing partner in GEM and look forward to building real value with them in the energy space."
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