Casey Container Corp. (OTCPK:CSEY) announced that the board of directors approved a stock purchase agreement between the company and an investment group of $10 million on April 3, 2014. The company will issue equity stock of $5 million and a long term note of $5 million. The long term note carries a coupon of 6% per annum with a payment grace period of interest and principal until January 1, 2016.

On April 3, 2014, the company announced that it signed a stock purchase agreement. The investor will acquire 40% stake in the company. The company will also offer one seat in board of directors to the investor. There are conditions precedent and some of the terms and conditions of the stock purchase agreement and related note are subject to change upon closing. The closing is expected to occur between mid-May 2014 to mid-June 2014.

On June 23, 2014, the company announced that it intends to close the transaction.