UNITED STATES

SECURITIES AND EXCHANGE COMMISION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant

To Section 18 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest reported): ~~September 22~~November 3, 2010

MEGOLA, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Nevada	000-49815	88-0492605
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. employer identification number)
(State or other jurisdiction	(Commission	(I.R.S. employer
of incorporation)	File Number)	identification number)

704 Mara St., Suite 111, Point Edward, Ontario N7V 1X4

(Address of principal executive offices) (Zip code)

(519) 336-0628

Registrant's telephone number, including area code

The filing of this report was delayed until receipt of the funds was confirmed.

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On October 19, 2010, Megola was issued $25,000 as proceeds from a 9% Convertible Debenture issued to Tangiers Investors, LP (the “Holder) and designated as its 9% Convertible Debenture due July 19, 2011.

Megola promises to pay to the Holder the principal sum of $25,000 on July 19, 2011 or such earlier date as this Debenture is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 9% per annum, payable on the Maturity Date, unless the Debenture is converted to shares of common stock in accordance with the terms and conditions herein.

ITEM 8.01 OTHER EVENTS

OnMegola ~~September~~and 3Tangiers Investors, ~~2010~~LP have also agreed to amend a $20,000 ~~the~~Debenture ~~corporation~~issued to ~~approved~~Tangiers ~~the~~on ~~conversion~~July 16, ~~thru~~2010. ~~RBC~~Section ~~Dominion~~4. Conversion now reads “At any time after ~~Securities,~~the ofOriginal 7Issue Date until this Debenture is no longer outstanding,~~031~~ this Debenture,~~800~~ ~~restricted~~including ~~common~~interest and principal, shall be convertible into shares of Common ~~Megola~~Stock ~~Inc~~at the lower of $0.01 per share or a price of sixty percent (~~MGON~~60%) of tothe average of the two lowest volume weighted average prices (“VWAPs”), 70determined on the then current trading market for the Company’s common stock,~~318~~ for ~~shares~~ten (10) trading days prior to conversion (the “Set Price”), at the option of ~~Megola~~the ~~Inc~~Holder, ~~Series~~in Bwhole ~~Preferred~~at ~~Stock~~any time and from time to time.

OnThe ~~September~~Agreement 8,contains ~~2010,~~other ~~Megola~~terms ~~announced~~and ~~that~~conditions ~~the~~and ~~company~~has ~~had~~been ~~opened~~filed aas ~~brokerage~~an exhibit ~~account~~to ~~with~~this ~~Glendale~~report. ~~Securities~~Please ~~for~~refer to the ~~purpose~~exhibit offor ~~initiating a stock buyback~~additional ~~plan~~information.

On September 9, 2010, Megola received a request from TD AMERITRADE Clearing Inc. to reverse a conversion and transfer that was done per their request by the transfer agent. As the conversion and transfer from Megola Series ‘A’ Preferred stock to Megola Common stock was done without the authorization of their client TD AMERITRADE Clearing Inc. asked for consent to reverse the transaction and revert the Common Shares back to Preferred Series A Shares. Megola has given consent for 1,000,000 Common Shares to be reverted back to the original 40,000 shares of Series ‘A’ Preferred stock into the name of their client.

As of September 17, 2010 Megola has purchased 143,000 of common stock of Megola Inc. (MGON) and will return shares to treasury.

Please refer to the exhibits for additional information.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

10.1 TD9% ~~AMERITRADE~~Secured ~~Clearing~~Convertible ~~Inc.~~Debenture ~~Request~~dated ~~for~~October ~~Reversion~~19, 2010

10.2 TD ~~AMERITRADE~~October ~~Clearing~~19, ~~Inc.~~2010 ~~Corporate~~Amendment ~~Resolution~~to 9% Convertible Debenture dated July 16, 2010

10.3 Megola Inc Letter of Authorization

10.4 Megola Inc. Corporate Resolution

10.5 Announcement of Common Share Buyback

10.6 Megola Inc. Corporate Resolution

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	~~Megola, Inc. (Registrant)~~	Megola, Inc. (Registrant)
Dated: September 22, 2010		By: /s/ Joel Gardner
	Dated: November 3, 2010	By:	/s/ Joel Gardner
		~~Joel Gardner, President~~	Joel Gardner, President

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