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  4. Quantum Materials Corp. (QTMM) Message Board

Please point out where Pasaca directors being appo

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Post# of 22467
(Total Views: 390)
Posted On: 02/18/2023 7:26:50 AM
Posted By: Banoffee
Re: drugmanrx #21992
Quote:
Please point out where Pasaca directors being appointed is part of the first closing of the agreement which involves 154,228,625 shares.



I actually did a couple replies back, but here it is again with the requested context (and note that it's not just directors, it's control of the board):

Quote:
1. Financings.
(a) Investments. (i) At the initial closing under this Agreement (such closing and each subsequent closing of the conversion of a security issued at the initial closing, a “Closing”), Investors will purchase from the Company and the Company will issue and sell to Purchaser: in consideration of the aggregate payment by Investors of Four Million Five Hundred Thousand Dollars ($4,500,000) (the “Initial Payment”), senior secured convertible voting notes (“Notes”) in the initial principal amount of Four Million Five Hundred Thousand Dollars ($4,500,000). The Notes have a maturity date of March 31, 2021 and the principal thereof will initially be convertible into an aggregate of 154,228,625 share s (the “Note Shares”) of the Company’s common stock, par value $.001 per share (the “Common Stock”).



Quote:
4. Covenants.
(m) Directors. (i) On the initial Closing Date, the Company shall expand the Board of Directors of the Company to five (5) directors. Concurrently therewith, the Investors will nominate three (3) persons to be appointed to and serve on the Board of Directors. Upon such nomination, the incumbent members of the Board of Directors (who shall remain on the Board of Directors) shall appoint each such nominee to fill each of three newly created vacancies, and, if there shall be any other vacancies, the Board of Directors shall appoint up to two (2) persons to serve as directors for the two remaining seats (the “Incumbent Directors”).



https://www.sec.gov/Archives/edgar/data/14035...ex10-1.htm

A quick check of the Nevada website shows that there are no Pasaca directors listed as of 8/4/2022 when they last filed their list.

https://esos.nv.gov/EntitySearch/OnlineEntitySearch


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