By Sheri Kasprzak
New York, May 22 - Myriad Entertainment & Resorts, Inc. obtained a $20 million equity line from Dutchess Private Equities Fund, LP.
The three-year line allows Dutchess to buy shares of Myriad at 93% of the lowest closing bid price for the five trading days before a draw.
There is a limit on each draw equal to either $250,000 or 200% of the average daily volume of the company's stock for the 10 trading days before a draw multiplied by the three daily closing bid prices immediately before a draw.
Based in Edmonton, Alta., Myriad Entertainment is a holding company that acquires and operates golf facilities and country clubs.
| Issuer: | Myriad Entertainment & Resorts, Inc.
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| Issue: | Equity line
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| Amount: | $20 million
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| Tenor: | Three years
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| Price: | 93% of the lowest closing bid price for the five trading days before a draw
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| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, LP
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| Settlement date: | May 12
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| Stock symbol: | OTCBB: SIDY
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| Stock price: | $0.06 at close May 12
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