By Sheri Kasprzak
Atlanta, Nov. 1 - Megola Inc. said Monday it has received $10 million in a standby equity distribution agreement with Cornell Capital Partners LP.
Under the terms of the two-year agreement, Megola may draw up to $280,000 per week and may issue shares to Cornell at any time over the duration of the agreement.
Airam Capital Group Inc. acted as financial adviser in the deal.
Megola is a Corunna, Ont.-based water treatment, microbiological control, wastewater treatment, and air purification company. The financing will provide the company with additional working capital, according to president Joel Gardner, in a news release.
| Issuer: | Megola Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Warrants: | No
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| Financial adviser: | Airam Capital Group Inc.
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| Investor: | Cornell Capital Partners LP
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| Announcement date: | Nov. 1
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| Stock price: | $0.28 at close Nov. 1
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