ELITE GROUP, INC. (OTCMKTS:ELTZ) Files An 8-K Entry into a Material Definitive Agreement
Entry into a Material Definitive Agreement.
Crown Bridge Partners, LLC
On March 29, 2017, the Company completed the closing of a private
placement financing transaction (the Transaction) with Crown
Bridge Partners, LLC (CB), to a Securities Purchase Agreement
(the CB Purchase Agreement). to the CB Purchase Agreement, CB
purchased a 12% Convertible Redeemable Note (the CB Note) in the
aggregate principal amount of $105,000.00, comprised of three
tranches in the amount of $35,000.00 each. The first tranche was
paid for by CB on March 31, 2017, whereby the Company received
proceeds of $29,000.00 which excluded transaction costs, fees,
Principal and interest is due and payable March 31, 2018, and the
CB Note is convertible into shares of the Companys common stock
at any time at the discretion of CB at the lowest closing bid
price during the twenty five (25) prior trading days including
the day upon which a notice of conversion is received by the
Company multiplied by fifty percent (50%), representing a fifty
percent (50%) discount.
The foregoing description of the CB Purchase Agreement and the CB
Note does not purport to be complete and is qualified in its
entirety by reference to the full text of each document, which
are filed as Exhibits 10.1 and 10.2, respectively, to this
Current Report on Form 8-K and are incorporated herein by
Item 8.01 Other Events.
On March 22, 2017, the Company, issued 4,047,490 shares to LG
Capital Funding (LG) upon receipt of LGs conversion notice of
$8,000 of principal and $499.39 of accrued and unpaid interest.
The shares were issued at $0.0021 per share. In conjunction with
this issuance, the $40,700 note dated June 19, 2016, has been
paid in full.
FINANCIAL STATEMENTS AND EXHIBITS
The exhibits listed in the following Exhibit Index are filed as
part of this Current Report on Form 8-K.
Securities Purchase Agreement dated March 29, 2017 by and
Convertible Redeemable Note dated March 29, 2017, by and
About ELITE GROUP, INC. (OTCMKTS:ELTZ)
Elite Group, Inc, formerly Elite Books Inc., is a development-stage company. The Company focuses on selling books by utilizing Internet. It is primarily focused on a range of science and humanities subjects, namely, archaeology, history, historiography, linguistics, paleolinguistics, philosophy, anthropology and genetics. Its archaeology books offer environmental data and human cultural heritage. Its History books offer information regarding the study of the past and various possible sources of the past to establish the sequence of events, historical processes, objectively described facts. Its Historiography books provide social science of history and historical methodology. Its linguistics books offer the studies of human languages. Its Paleolinguistics books provide modern historical linguistic studies. Its Anthropology books offer study of man, his origin, development, existence in the natural and cultural environment. ELITE GROUP, INC. (OTCMKTS:ELTZ) Recent Trading Information
ELITE GROUP, INC. (OTCMKTS:ELTZ) closed its last trading session down -0.0025 at 0.0110 with shares trading hands.