Freedom Leaf Inc. (OTCMKTS:FRLF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Definitive Material Agreement.
On May 30, 2017, Cannabis Business Solutions Inc (the Buyer), a
wholly owned Nevada subsidiary of the registrant, Freedom Leaf
Inc., entered into an Asset Purchase Agreement with Valencia Web
Technology S.L., B-97183354, a Spanish limited liability company
(Sociedad de Responsabilidad Limitada) (the Seller) to purchase
the Sellers assets, including its cash and cash equivalents,
equipment, inventory, receivables, and two of its websites
www.lamarihuana.com and www.marihuana-medicinal.com (but not
including the Sellers website cannabislandia.com), for a purchase
price consisting of a 10% interest in the Buyer, and 3,000,000
shares of common stock of the registrant, valued at $300,000 (the
Initial FRLF Shares), with additional shares of the registrants
common stock due six months following closing if, at such time,
the average closing price of the registrants common stock during
the previous five trading days is less than $0.10/share. Such
additional shares shall be calculated as follows: $300,000 minus
the product of (a) the Initial FRLF Shares multiplied by (b) the
average closing price of the registrants common stock during the
five trading days immediately preceding the True-Up Date (the
True-Up Price), with such difference divided by the True-Up
Price.
The foregoing description of the Asset Purchase Agreement is
qualified in its entirety by the full text of such agreement, an
English translation of which is filed as Exhibit 10.1 to, and
incorporated by reference in, this report.
Item 9.01Financial Statements and
Exhibits.
The exhibits listed in the following Exhibit Index are filed as
part of this report:
(d) Exhibits.
| 10.1 |
English Translation of Asset Purchase Agreement with Valencia Web Technology S.L. |
About Freedom Leaf Inc. (OTCMKTS:FRLF)
Freedom Leaf, Inc. (Freedom Leaf) is focused on being the national and international news source for the Cannabis/Industrial Hemp industry. The Company, through its online and print media channels, is engaged in dissemination of current legislation and legal news, arts and entertainment. The Company provides advertisements in publications, both print and online, in the cannabis/hemp marketplace. It provides consulting services to companies who are in its industry. It contracts with companies to brand, market and sell their products and/or services. It sells licenses, both domestic and foreign, for the use of the Freedom Leaf brand that includes its products and services. The Company also incubates other companies in the cannabis industry. The Company’s magazine, The Good News in Marijuana Reform, reports on arts, fashion and lifestyle, all of the elements of the burgeoning cannabis movements. Freedom Leaf Inc. (OTCMKTS:FRLF) Recent Trading Information
Freedom Leaf Inc. (OTCMKTS:FRLF) closed its last trading session up +0.0002 at 0.0487 with shares trading hands.
