Ealixir Inc (EAXR)

[jedijazz]

From: November 30th

News and Press Releases
Flint Telecom Signs $15 Million Funding Commitment With Kodiak Capital Group

30th November 2010

(Flint Telecom) Announces completion of a $15 million investment agreement with New York-based Kodiak Capital Group LLC, whereby Kodiak has committed to purchase, at the discretion of the Company, from time to time over a period of two years, shares of the Company's common stock for cash consideration of up to $15 million at a fixed flat discount of 5% from the lowest closing best bid share price following the Company's draw notices.


This equity line of credit to be provided by Kodiak Capital Group will replace the previous Reserve Equity Finance Agreement with AGS Capital Group, announced in June.


The Equity Line of Credit is a cost effective and flexible financing that places Flint Telecom in control of how and when it raises equity and debt, minimizing any potential dilution or disruption to its capital structure. Flint Telecom can sell its common shares when the price is attractive to the Company to ensure that the Company has access to required funds in a timely manner to minimize dilution to shareholders. The Agreement does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.

"In order to draw funds under the Agreement, Flint must first file a registration statement on a Form S-1 with the SEC. Once the SEC deems the registration statement effective, the Company can commence to draw funds.

Full details of the Agreement are disclosed in the Company's SEC Form 8-K filed with the SEC today."