Texhoma Energy, Inc. (OTCPK:TXHE) announced that it intends to receive $5 million in funding from new investor, Southridge Partners II, LP, a fund managed by Southridge LLC on July 1, 2014. The company has signed a letter of intent with the institutional investor for the transaction. Upon execution of the equity purchase agreement with the investor, the company will issue common shares from time to time at a discount to the then trading price of its common stock, by submitting a draw down notice in an amount that the company determines.

The transaction is subject to certain conditions including, the company becoming a fully-reporting company and filing a registration statement to register the shares issuable in connection with the agreement.