Southridge Partners has secured an option to buy a stake in Stevia Corp.
The two companies announced today (1 February) that they have signed an equity purchase agreement for Southridge to acquire up to US$20m of Stevia’s registered common stock. The funding will enable Stevia Corp to “further accelerate its development of the alternative sweetener stevia”, it said.
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Under the terms of the agreement, Stevia Corp has the right to sell up to $20m of its common stock to Southridge “from time to time” over a 36-month period.
Southridge is an institutional investor based in Ridgefield, Connecticut.
“This is an important milestone for Stevia Corp to have accomplished,” said Stevia Corp’s president, George Blankenbaker. “Having a flexible and low-cost funding instrument in place allows us to efficiently accelerate our commercialisation and acquisition strategies.”
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