CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
issued convertible promissory notes to Newcan Investment Partners
LLC, an entity owned by Frank Koretsky, a director of the
company, in the amount of $120,000 (the “Koretsky Note”), and
to Jeffrey Binder, an officer and director of the Company, in the
amount of $159,500 (the “Binder Note” and, together with the
Koretsky Note, the “Notes”), to finalize the terms of repayment
with respect to certain loans made to the Company by Newcan
Investment Partners LLC and Mr. Binder between January 1, 2017
and February 27, 2017, and certain compensation payable to Mr.
Binder as of February 28, 2017. The Notes, which otherwise
contain identical terms, are unsecured and bear interest at the
rate of 10% per annum. No payments are required until April 1,
2018, at which time all accrued interest becomes due and payable.
Principal will be paid in eight equal quarterly installments,
together with interest accrued thereon, beginning on July 1,
2018. The Notes may be prepaid by the Company with no penalty at
any time upon thirty days written notice.
prepayment in full, convert all principal and accrued interest
thereunder, in whole or in part, into securities of the
Company. For each $.25 converted, the holder will receive one
share of the Company’s common stock and a five-year warrant to
purchase one share of the Company’s common stock at a price of
$.25 per share.
10.1 and Exhibit 10.2, respectively, to this Report and the
summary description of the terms thereof contained herein is
qualified in its entirety by reference to Exhibit 10.1 and
Exhibit 10.2.
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(d)
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Exhibits.
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10.1 Convertible Promissory Note dated March 31, 2017 in
favor of Newcan Investment Partners LLC in the original principal amount of $120,000.
10.2 Convertible Promissory Note dated March 31, 2017 in
favor of Jeffrey Binder in the original principal amount of $159,500. |
About CLS HOLDINGS USA, INC. (OTCMKTS:CLSH)
CLS Holdings USA, Inc., is engaged in developing a method of extracting cannabinoids from cannabis plants and converting the resulting cannabinoid extracts into concentrates. The Company’s concentrates include oils, waxes, edibles and shatter. These concentrates may be ingested in various ways, including through vaporization through electronic cigarettes (e-cigarettes), and used for a range of pharmaceutical and other purposes. The Company intends to monetize extraction method through the licensing of its methods and processes to others, as in the Colorado Arrangement; the processing of cannabis for others, and the purchase of cannabis and the processing and sale of cannabis-related products. The Company’s products and services include Licensing Operations, Processing Revenue, Processing Facilities and Sale of Products and Brand Creation. As of May 31, 2016, the Company had not generated any revenues. CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) Recent Trading Information
CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) closed its last trading session down -0.0090 at 0.0610 with 2,000 shares trading hands.