8K filed for HLTK dated June 1st http://www.otc
Post# of 865
(Total Views: 649)
Posted On: 06/01/2017 5:13:02 PM
8K filed for HLTK dated June 1st
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12105661
Item 1.01 Entry into a Material Definitive Agreement.
On May 31, 2017, our Board of Directors approved our entry into a venture for the development of a commercial bottled water operation near Browning, Montana. The new venture will be operated through Spring Hill Water Company, LLC, a Nevada limited liability company (“Spring Hill”). Spring Hill is 49% owned by our newly-formed subsidiary corporation, Humble Water Company, and 51% owned by Doore, LLC.
Doore, LLC, which will serve as the Manager of Spring Hill, has contributed the land and water source to be used in the new operation through a Land & Water Lease Agreement under which Spring Hill will have the use of 2 acres of land and no less than 5 acre-feet of water for an initial term of 25 years and at a lease rate of $1 per year. Through Humble Water Company, our initial capital contribution to Spring Hill will be $100,000 to be used in commencing operations. In addition, we have committed to provide additional capital to be used for a bottling facility and equipment, in an amount up to $530,000, within the next 3 years. Should we fail to provide this additional capital within the next 3 years, our ownership percentage in Spring Hill will be reduced from 49% to 20%. Although we hold a minority ownership percentage in Spring Hill, we will have voting control over the company with 75% of the voting membership units. Further, 100% of the losses, expenditures, and deductions from Spring Hill will be allocated to our subsidiary, Humble Water Company.
The terms of the Spring Hill venture are more fully set forth in the Operating and Management Agreement for Spring Hill. The Agreement, which is filed herewith as Exhibit 10.1, contains various additional terms and provisions which should be reviewed in their entirety.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12105661
Item 1.01 Entry into a Material Definitive Agreement.
On May 31, 2017, our Board of Directors approved our entry into a venture for the development of a commercial bottled water operation near Browning, Montana. The new venture will be operated through Spring Hill Water Company, LLC, a Nevada limited liability company (“Spring Hill”). Spring Hill is 49% owned by our newly-formed subsidiary corporation, Humble Water Company, and 51% owned by Doore, LLC.
Doore, LLC, which will serve as the Manager of Spring Hill, has contributed the land and water source to be used in the new operation through a Land & Water Lease Agreement under which Spring Hill will have the use of 2 acres of land and no less than 5 acre-feet of water for an initial term of 25 years and at a lease rate of $1 per year. Through Humble Water Company, our initial capital contribution to Spring Hill will be $100,000 to be used in commencing operations. In addition, we have committed to provide additional capital to be used for a bottling facility and equipment, in an amount up to $530,000, within the next 3 years. Should we fail to provide this additional capital within the next 3 years, our ownership percentage in Spring Hill will be reduced from 49% to 20%. Although we hold a minority ownership percentage in Spring Hill, we will have voting control over the company with 75% of the voting membership units. Further, 100% of the losses, expenditures, and deductions from Spring Hill will be allocated to our subsidiary, Humble Water Company.
The terms of the Spring Hill venture are more fully set forth in the Operating and Management Agreement for Spring Hill. The Agreement, which is filed herewith as Exhibit 10.1, contains various additional terms and provisions which should be reviewed in their entirety.
(1)
(0)Right On Brands Inc (RTON) Stock Research Links
Scroll down for more posts ▼