Inventergy Global Inc., the intellectual property investment and licensing company run by CEO Joseph Beyers, said it agreed on Sept. 23 to issue 233,640 shares of common stock at a purchase price of $2.14 to raise $499,989.60.

Shares of Inventergy closed up 2 cents to $1.65 yesterday in Nasdaq Capital Market trading. They’ve traded between $14.98 and $1.54 over the past year.

Campbell, Calif.-based Inventergy announced the transaction in a filing with the Securities and Exchange Commission on Monday, Sept. 29.

Inventergy has been funding itself with investments and loans from its CEO while it searches for less expensive forms of capital such as debt.

The company said in the filing that the transaction with Beyers included an initial payment of $300,000, which may be refunded if the company is successful in raising at least $6 million in debt financing within 10 business days of the agreement.

As such, the company said the shares will only be issued if it fails to obtain the debt financing.

The transaction also is subject to approval by Inventergy’s board.

Inventergy was down to just $484,175 in cash and cash equivalents as of June 30, 2014.

The company also held restricted cash of $3.5 million, which was pledged to collateralize $3 million of convertible notes issued to Hudson Bay Capital Management.

The company also has previously financed itself by borrowing from Beyers.

In December 2013, Inventergy issued $3.1 million in promissory notes to Beyers. The notes were scheduled to mature in February 2014, but were extended to August 31, 2014 and bear interest at 2% per annum. The company fully repaid the $100,000 unsecured related party note as part of the December 2013 notes.

The $3 million note was secured by certain patent assets of the company and all principal and accrued but unpaid interest on the December 2013 notes were due upon maturity.

On February 10, 2014, the company obtained an unsecured $3 million promissory note from Beyers, which also matured on August 31, 2014 and bore interest at 2% per annum. Effective February 11, 2014, the December 2013 notes and note receivable were fully offset and deemed paid.

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