IHT ENTERS INTO AGREEMENT TO INVEST IN UNIGEN POWER INC.
InnSuites Hospitality Trust Shares of Beneficial Interest (IHT)
NASDAQ:AMEX Investor Relations:
innsuitestrust.com
Company Research
Source: GlobeNewswire
Phoenix, AZ, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Pursuant to a 2019 Convertible Debenture Purchase Agreement between UniGen and InnSuites Hospitality Trust, a publicly traded (NYSE American: IHT) Ohio business trust (“IHT”) seeking diversification of its holdings, IHT has agreed to invest up to $1,500,000 or more in UniGen through(i) the purchase of a 6% $600,000 convertible Debenture; (ii) a 6% $400,000 convertible Debenture to close on February 1, 2020 (the “February Debenture” and, together, the “IHT Debentures”); (iii) the right to exercise a Class A Common Stock Purchase Warrant for 1,000,000 shares at $1.00 per share (the “IHT Warrants”); (iv) the right to exercise an additional Class A Common Stock Purchase Warrant for 200,000 shares, exercisable at $2.25 per share (the “Additional Warrants”); and (v) establishment of a convertible, 6% $500,000 line of credit (the “IHT LOC”) to support a stable cash flow for UniGen’s development of its UPI 1000NG electricity generating power te
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