Caravelle Agrees to End January Securities Purchase Deal With 2 Investors

MT Newswires Live08-09

Caravelle International Group (CACO) said Thursday it has signed a note and warrant purchase and settlement agreement with two investors to terminate a securities purchase agreement signed in January.

Caravelle said it will buy back a $1.5 million senior secured convertible promissory note while the warrants granting the two investors rights to purchase certain common shares of the company were cancelled and terminated.

The company said it will pay about $1.4 million and issue 300,000 ordinary shares to the investors.

Shares of Caravelle International were up more than 2% in recent trading.

Price: 0.48, Change: +0.01, Percent Change: +2.15

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