By Devika Patel
Knoxville, Tenn., June 25 - Feel Golf Co. settled a $10 million equity line of credit with Auctus Private Equity Fund, LLC on June 23, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company may request a certain amount be invested in each purchase. This amount will be equal to either the greater of $150,000 or 200% of the average daily volume of the stock for the 10 trading days prior to the sale notice date, multiplied by the average of the three daily closing bid prices immediately preceding the sale date.
The sale date will be the date that Auctus receives a notice of a drawdown from the company.
The purchase price for the stock will be set at 94% of the lowest closing bid price of the common stock during the five consecutive trading days immediately after the sale notice date.
Based in Salinas, Calif., Feel Golf is a manufacturer of golf clubs and reverse taper golf grips.
| Issuer: | Feel Golf Co.
|
| Issue: | Equity line of credit
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 94% of the lowest closing bid price during the five consecutive trading days immediately after the sale notice date
|
| Warrants: | No
|
| Investor: | Auctus Private Equity Fund, LLC
|
| Settlement date: | June 23
|
| Stock symbol: | OTCBB: FEEL
|
| Stock price: | $0.05 at close June 23
|
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