SPYR Technologies Announces $15 Million Financing
DENVER, CO, Oct. 12, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – SPYR Technologies (OTC Pink: SPYR), a holding company involved in building a portfolio of technology companies through targeted acquisitions, today announced that it has secured $15 million in funding commitments for acquisitions and corporate expansion.
The funding consists of two components, $1 million of convertible debentures with an individual investor and a $14-million equity line of credit with Brown Stone Capital, LP, the details of which are contained in the Form 8-K filed with the SEC on October 9, 2020. The funds from the convertible debenture are reserved for a targeted acquisition that is currently under negotiation, while the equity line is in place to fund future growth of that acquisition and to fund additional acquisitions. More details regarding the aforementioned acquisition opportunity will be forthcoming soon.
SPYR President and Chief Executive Officer, James R. Thompson, said of the funding, “We are excited to have partnered with Brown Stone and another investor to fund targeted acquisitions and growth. For several years, we have been doing our due diligence and exploring new directions and sources of funding for the Company that will allow SPYR to move forward and succeed for our shareholders. With the support of these new investors, we expect to do just that.”
About SPYR Technologies
SPYR Technologies is a holding company involved in building a portfolio of technology companies through targeted acquisitions. The Company is currently exploring acquisition opportunities in the technology industry.
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