Milwaukee Iron, Kodiak terminate $15 million equity line agreement

By Devika Patel

Knoxville, Tenn., June 28 - Milwaukee Iron Arena Football, Inc. settled a dispute with investor Kodiak Capital Group, LLC, according to an 8-K filed Monday with the Securities and Exchange Commission.

On June 4, the filing said, Milwaukee Iron reported in an 8-K that Kodiak owed the company $1 million as a result of a put notice the company had presented under a $15 million equity line with the investor.

In Monday's filing, the company conceded that it may have been in error about Kodiak's obligation to pay the $1 million, and reported that the two companies amicably agreed on June 23 to terminate their investment agreement and business relationship.

Milwaukee Iron, based in Reddick, Fla., owns an arena football team.

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