Cereplast, Inc. (OTCBB:CERP), manufacturer of proprietary bio-based sustainable plastics, today announced it has entered into a common stock purchase agreement to sell up to $20,000,000 of common stock to Cumorah Capital, Inc.Under the agreement, Cereplast has the right to sell shares of its common stock to Cumorah Capital from time to time, depending on certain conditions, for an aggregate amount of up to $20,000,000. The purchase price of the shares will be determined based upon the market price of the Company's shares at the time of each sale, and Cereplast will control the timing and amount of any sales of shares to Cumorah Capital. The stock purchases can occur over a 24-month period of time.
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