By Devika Patel
Knoxville, Tenn., July 21 - Megola, Inc. arranged a $5 million line of credit with Tangiers Investors, LP on July 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The shares will be sold at 85% of the lowest volume weighted average price of common stock for the five days following an advance notice. Tangiers' obligation to purchase shares is limited to $250,000 in any 10 consecutive trading days.
Megola is a Corunna, Ont.-based water treatment, microbiological control, wastewater treatment, and air purification company.
| Issuer: | Megola, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Price: | Discount of 15% to lowest volume weighted average price of common stock for five days following notice
|
| Warrants: | No
|
| Investor: | Tangiers Investors, LP
|
| Pricing date: | July 16
|
| Stock symbol: | OTCBB: MGON
|
| Stock price: | $0.10 at close July 16
|
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