Andalay Solar secures $5M equity credit agreement, $200K convertible

|About: Andalay Solar, Inc. (WEST)|By:, SA News Editor

Andalay Solar (WEST -4.7%) secures a $200K 8% convertible loan maturing in 2015. The conversion price is $0.02/share.

In conjunction, the firm entered into an equity credit agreement with Southridge Partners in which the firm has committed to buying up to $5M in WEST stock as a functional loan over the next 18 months. At drawdowns, Southridge will pay 90% of the average of the lowest closing bid price during a set 10 day period. (8-K)