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Tauriga Sciences Inc. Completes Capital Raise of $168,250 to Support its Merger & Acquisition Activities
New York, NY, Oct. 26, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Tauriga Sciences, Inc. (TAUG) (“Tauriga” or the “Company”), engaged in building its business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities and equity investments, today announced that the Company has secured $168,250 in new financing to support its merger & acquisition activities. This financing has been structured in the format of a 12-month duration <8.00%> $180,000 Face Value Convertible Debenture (the “Note”) with GS Capital Partners, LLC (“GS Capital”); this Note was issued with an $11,750 Original Issue Discount (“OID”) resulting in a net purchase price (“purchase price”) of $168,250. The Maturity Date for this Note is close of business on October 25, 2019.
Within the next few days, the Company will disclose the material terms of this financing agreement on FORM 8-K.
The Company chose this financing structure as an alternative to a straight equity private placement (which was made an available option to the Company), because it believes that its potential long-term value is not being properly reflected through its current market capitalization. The Company believes that this decision has the potential to reduce share dilution, especially if management is successful in executing its game-plan over the next 6-12 months.
The Company maintains a strong and diversified balance sheet, in the form of cash and marketable securities (inclusive of: shares, registered and unregistered Warrants, and private company ownership), which management believes has the potential to drive shareholder value in a complimentary manner to potential merger & acquisition activities.
Tauriga’s CEO, Seth M. Shaw, commented, “The Company has streamlined its long-term strategy into three main corporate goals: the consummation of high-quality acquisition(s) to create shareholder value, the maintenance of a strong and diversified balance sheet with potential significant long-term upside, and the commitment to protecting its capital structure & curtailing shareholder dilution. With the completion of this above-referenced financing, Tauriga believes that it can both: properly fund its proposed OMEGA-3 acquisition and retain the vast majority of its balance sheet. The Company has established an excellent working relationship with GS Capital and is pleased to be working with that fund in building what it believes to be a successful future for its shareholders.”
In other events, Tauriga has recently received shipment of its 4 LEVEL II ELECTRIC VEHICLE PEDESTAL CHARGING UNITS (“EV Chargers”) in connection with its active Reseller Agreement with Blink Charging Co. The Company is working diligently to deploy these EV Chargers in several locations (so that revenue can potentially be generated). These 4 EV Chargers were fully paid for, by the Company, during July 2018 (its 2nd Fiscal Quarter of 2019). Additionally, the Company has been in active talks with a major Scottsdale, AZ based real estate developer to potentially place a large number of EV chargers on the properties of several large residential structures. Should these efforts result in an agreement, the Company will notify its shareholders in a timely manner.
About Tauriga Sciences, Inc.
Tauriga Sciences, Inc. (TAUG) is engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments. The Company is currently evaluating potential acquisition candidates, as previously disclosed, to create lasting shareholder value. Additionally, the Company is working diligently to identify potential opportunities to generate revenue and leverage its considerable resources and expertise to build a diversified and sustainable business model. On October 3, 2018, the Company entered into a 45 day MOU to acquire a product and technology centered around the science of OMEGA-3 fish oil. Please visit our corporate website at www.tauriga.com
This press release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 which represent management’s beliefs and assumptions concerning future events. These forward-looking statements are often indicated by using words such as “may,” “will,” “expects,” “anticipates,” believes, “hopes,” “believes,” or plans, and may include statements regarding corporate objectives as well as the attainment of certain corporate goals and milestones. Forward-looking statements are based on present circumstances and on management’s present beliefs with respect to events that have not occurred, that may not occur, or that may occur with different consequences or timing than those now assumed or anticipated. Actual results may differ materially from those expressed in forward looking statements due to known and unknown risks and uncertainties, such as are not guarantees of general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to consummate successful acquisition and licensing transactions, fluctuations in exchange rates, and other factors over which Tauriga has little or no control. Many of these risks and uncertainties are discussed in greater detail in the “Risk Factors” section of Tauriga’s Form 10-K and other filings made from time to time with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release, and Tauriga assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. You should not place undue reliance on these forward-looking statements.
CONTACT: Contact: CONTACT INFORMATION Tauriga Sciences, Inc. 555 Madison Avenue, 5th Floor New York, NY 10022 Chief Executive Officer Mr. Seth M. Shaw Email: firstname.lastname@example.org cell # (917) 796 9926 www.tauriga.com