AMERICAN CANNABIS COMPANY, INC. (OTCMKTS:MCOA) Files An 8-K Other Events
Item 8.01 Other Events.
On June 27, 2016, the Company filed Form 8-K disclosing its entry
into a material definitive agreement with Tangiers Global, LLC, a
Wyoming Limited Liability Company (Tangiers). to an Investment
Agreement between the Company and Tangiers, Tangiers agreed to
invest up to five million dollars ($5,000,000) to purchase the
Companys Common Stock, par value $0.00001 per share, based upon
an exemption from registration provided under Section 4(a)(2) of
the 1933 Securities Act, and Section 506 of Regulation D
promulgated thereunder. Concurrently, the Registrant and Tangiers
entered into a Registration Rights Agreement, as an inducement to
Tangiers to execute and deliver the Investment Agreement, whereby
the Registrant agreed to provide certain registration rights
under the Securities Act of 1933, as amended.
On August 10, 2016, the Company filed Form 8-K disclosing that
the Company and Tangiers executed an amended and restated
Registration Rights Agreement and Investment Agreement. Both
amended and restated agreements were filed with the Companys Form
10-Q for the June 30, 2016 quarter, filed on August 18, 2016.
On September 12, 2016, the Company filed Form S-1 Registration
Statement for 5,829,842 shares of Company common stock to be sold
to Tangiers Global, LLC under the amended and restated Investment
Agreement and Registration Rights Agreement. The Securities and
Exchange Commission granted notice of effectiveness of the
registration on November 8, 2016.
to the amended and restated Investment Agreement, the Company
sold registered common shares to Tangiers in two separate
transactions: On December 6, 2016, the Company sold 284,933
shares to Tangiers in exchange for $ $159,687.85; and on December
14, 2016, the Company sold 628,536 shares to Tangiers in exchange
for $ $370,082.
Consistent with the amended and restated investment agreement,
the Company will use the funds for general corporate and working
capital purposes and acquisitions of assets, businesses or
operations or for other purposes that the board of directors of
the Company, in its good faith, deems to be in the best interest
of the Company.
About AMERICAN CANNABIS COMPANY, INC. (OTCMKTS:MCOA)
Marijuana Company of America, Inc., formerly Converge Global, Inc., is a development-stage company. The Company is a cannabis marketing and distribution company that distributes medical cannabis products. The Company provides product sourcing, branding, payment, distribution and knowledge through an architecture structure to maintain customer loyalty and capture market share. The Company is developing a knowledge base complete with information from subject matter experts, medical articles and opinions, current articles, YouTube and other videos, blogs, and industry news and papers. The Company provides information on strains, and other processed products that will be available through its club. It will track industry and consumer information and post to its social media and online knowledge base. It offers collectives and dispensaries in legal medical marijuana states marketing and managed services designed to improve membership and transactions. AMERICAN CANNABIS COMPANY, INC. (OTCMKTS:MCOA) Recent Trading Information
AMERICAN CANNABIS COMPANY, INC. (OTCMKTS:MCOA) closed its last trading session up +0.0010 at 0.0470 with 3,963,929 shares trading hands.