DISCOVERY ENERGY CORP. (NYSE:LMT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry into a Material Definitive Agreement. |
Effective September 26, 2013, Discovery Energy Corp. (the
Company) and Liberty Petroleum Corporation (Liberty) amended two
promissory notes that the Company had executed in favor of
Liberty with an aggregate original principal amount of $650,000
in connection with the formal grant of Petroleum Exploration
License (PEL) 512 in the State of South Australia (the License).
These promissory notes were executed in consideration of Libertys
agreement to allow the Company to be issued the License instead
of Liberty. Effective September 26, 2013, these promissory notes
were consolidated into a new single promissory note (the
Consolidation Note), which represents the amended terms,
provisions and conditions regarding the amounts owed by the
Company to Liberty. The material terms, provisions and conditions
of the Consolidation Note (as previously amended) are as follows:
| * |
The original principal of the Consolidation Note (including accrued interest that was added to principal) was $587,724. |
| * |
The Consolidation Note bears interest at a floating rate equal to the one-month term LIBOR rate, plus an additional 3%. |
| * |
The principal amount of and accrued interest on the Consolidation Note (as amended) were due and payable in a single balloon payment on or before October 30, 2016; provided, however, that on or prior to the due date of October 30, 2016, the Consolidation Note could have been paid in its entirety by the Companys (a) payment in cash of $200,000, plus the amount of accrued interest and (b) issuance of 1,150,895 restricted shares of the Companys common stock. |
| * | The Consolidation Note is unsecured. |
One or about August 23, 2016, the Company made a payment to
Liberty in the amount of $100,000 to reduce the principal amount
(including accrued interest that was added to the principal) of
the Consolidated Note to $487,724.
On or about October 28, 2016, the Company made an additional
payment to Liberty in the amount of $100,000 to reduce the
principal amount (including accrued interest that was added to
principal) of the Consolidation Note to $387,724.
Effective December 15, 2016, the Company and Liberty amended the
Consolidation Note so that all outstanding principal of this Note
and interest that accrues on the Consolidation Note after May 5,
2016 shall be due in a single balloon payment on January 15,
2016, and provided that on or prior to the new due date of
January 15, 2017, the Consolidation Note can be paid in its
entirety by the Companys (a) payment in cash of $100,000, plus
the amount of interest that accrues on the Consolidation Note
after May 5, 2016 and (b) issuance of 1,150,895 restricted shares
of the Companys common stock. A copy of the amendment to the
Consolidation Note is being filed as Exhibit 10.1 hereto.
| Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item 1.01 of this Report is also
incorporated by reference into this Item 2.03 of this Report to
the extent necessary.
| Item 9.01. | Financial Statements and Exhibits. |
| (c) | Exhibits. |
| Exhibit Number | Exhibit Title |
| 10.1 |
Seventeenth Amendment dated December 15, 2016 to Consolidated Promissory Note by and between the Company and Liberty Petroleum Corporation. |
About DISCOVERY ENERGY CORP. (NYSE:LMT)
Lockheed Martin Corporation is a global security and aerospace company. The Company is engaged in the research, design, integration and sustainment of advanced technology systems, products and services. It operates in five segments: Aeronautics; Information Systems & Global Solutions (IS&GS); Missiles and Fire Control (MFC); Mission Systems and Training (MST), and Space Systems. Its Aeronautics segment is engaged in the development, manufacture, support and upgrade of advanced military aircraft. The IS&GS provides network-enabled situational awareness and integrates global systems to help its customers gather, analyze and securely distribute critical data. Its MFC segment provides air and missile defense systems, and logistics services. Its MST segment provides manufacture, service and support for various military and civil helicopters. Its Space Systems segment is engaged in the design, engineering and production of satellites. DISCOVERY ENERGY CORP. (NYSE:LMT) Recent Trading Information
DISCOVERY ENERGY CORP. (NYSE:LMT) closed its last trading session up +2.10 at 252.18 with 1,045,618 shares trading hands.
