Shareholders Update On December 4, 2017, t
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Posted On: 06/27/2018 6:56:24 PM
Shareholders Update
On December 4, 2017, the Company executed an agreement with Mammoth Corporation in which it was agreed to that Mammoth would suspend further conversion of debt into equity and receive the remaining debt in six equal and manageable payments.
Today, June 27, 2018, the Company would like to inform its shareholders that the outstanding debt with Mammoth Corporation has now been paid in full hence no further monies are owed or outstanding.
Also, the Company´s remaining convertible debt with Xantis Private Equity Fund, William Marshal Plc. and also Xantis Aion Securitization Fund will become convertible 366 days after each tranche of funding was received, to date, January 13, 2019, January 24, 2019 and June 9, 2019 respectively. The agreed conversion terms of these financing agreements, as per the Forms 8-k filed with the SEC, were the following:
“On each Maturity Date, the outstanding Convertible Notes shall be automatically converted into shares of Borrower’s common stock at a conversion price equal to the greater of US$0.02 or the average closing price of Borrower’s common stock on the Over-the-Counter Bulletin Board for the prior 60 trading days. ”
Finally, the Company would like to confirm that there is no default clause contemplated in any of the three funding agreements whereby either William Marshall Plc, Xantis Private Equity Fund and Xantis Aion Securitization Fund could convert their investment into equity at a price lower than $0.02.
https://backend.otcmarkets.com/otcapi/company...ntent/html
On December 4, 2017, the Company executed an agreement with Mammoth Corporation in which it was agreed to that Mammoth would suspend further conversion of debt into equity and receive the remaining debt in six equal and manageable payments.
Today, June 27, 2018, the Company would like to inform its shareholders that the outstanding debt with Mammoth Corporation has now been paid in full hence no further monies are owed or outstanding.
Also, the Company´s remaining convertible debt with Xantis Private Equity Fund, William Marshal Plc. and also Xantis Aion Securitization Fund will become convertible 366 days after each tranche of funding was received, to date, January 13, 2019, January 24, 2019 and June 9, 2019 respectively. The agreed conversion terms of these financing agreements, as per the Forms 8-k filed with the SEC, were the following:
“On each Maturity Date, the outstanding Convertible Notes shall be automatically converted into shares of Borrower’s common stock at a conversion price equal to the greater of US$0.02 or the average closing price of Borrower’s common stock on the Over-the-Counter Bulletin Board for the prior 60 trading days. ”
Finally, the Company would like to confirm that there is no default clause contemplated in any of the three funding agreements whereby either William Marshall Plc, Xantis Private Equity Fund and Xantis Aion Securitization Fund could convert their investment into equity at a price lower than $0.02.
https://backend.otcmarkets.com/otcapi/company...ntent/html
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