Coates $10MM Equity Credit Line Declared Effective
Coates International announced its Registration Statement filed with the SEC was declared effective. The company can now commence utilizing the equity line of credit with Southridge Partners II LP, which can provide the company with up to $10 million in working capital from the sale of up to 40 million registered shares of its common stock.
Pursuant to the underlying equity purchase agreement, Southridge is committed to purchase up to $10 million of the company’s stock over the course of 36 months. Details of the agreement can be found in the company’s registration statement filed with the SEC on August 29, 2014.
George J. Coates, president & CEO, said, “The funds will be accessed at our sole option, which shall be based on the consideration by our management of various business and economic conditions, with the objective of endeavoring to strike a balance between achieving our business plan.”