iGambit Inc. (OTCMKTS:IGMB) Files An 8-K Entry into a Material Definitive Agreement

iGambit Inc. (OTCMKTS:IGMB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

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On  March   30,  2017  iGambit  Inc.  (the  “Company”)  entered  into  a  securities  purchase

agreement  (the  “Purchase  Agreement”)  with  an  accredited  investor    to  an  exemption

under  section  4(a)(2)  of  the  securities  act  of  1933  (the  “March  30  2017  Investors”),    to

which  the  Company  agreed  to  sell,  and  the  March  30,  2017  Investors  agreed  to  purchase,

convertible  debentures  (the  “March  30  2017  Debenture”)  in  the  aggregate  principal  amount  of

$75,000.

The basis terms of the March 30, 2017 Debenture are:

  Instrument:      $75,000 Convertible Promissory Note due nine (9) months after issuance

(the “Note”)

  Interest:

8% Per annum interest not due until maturity

  Conversion:     One hundred eighty (180) days following the date of funding and

thereafter, the Note shall be convertible into shares of common stock of

the Company (“Common Stock”).

The conversion price shall be subject to a discount of 35%.  The

conversion price shall be determined on the basis of the three (3) lowest

closing bids for the Common Stock during the prior ten (10) trading day

period.

The Investor will be limited to convert no more than 4.99% of the issued

and outstanding Common Stock at the time of conversion at any one time.

     Prepayment:  At any time during the period beginning on the date of the Note and

ending on the date which is 180 days thereafter, the Company may repay

the Note by paying an amount equal to the then outstanding amount

multiplied by 120%.

The  foregoing  description  of  the  Purchase  Agreement  and  the  March  30  2017  Debenture

does  not  purport  to  be  complete  and  is  qualified  in  its  entirety by reference  to  the  full  text  of  the

documents,  which  are  filed  as  exhibits  to  this  Current  Report  on  Form  8-K  and  is  incorporated

herein by reference.

On  April  3,  2017  iGambit  Inc.  (the  “Company”)  entered  into  a  Convertible  Promissory

Note (the  April  3,  2017  Debenture”)  with  an  accredited  investor  to  an  exemption  under

section 4(a)(2) of the securities act of 1933 (the “April 3, 2017 Investors”), to which the

April  3,  2017  Investors  agreed  to  lend  and  the  Company  agreed  to  repay  the  April  3  2017

Investors the aggregate principal amount of $125,000.

The basis terms of the April 3, 2017 Debenture are:

  Instrument:      $125,000 Convertible Promissory Note due twelve (12) months after

issuance (the “Note”)

  Interest:

12% Per annum interest not due until maturity

  Conversion:     One hundred eighty (180) days following the date of funding and

thereafter, the Note shall be convertible into shares of common stock of

the Company (“Common Stock”).

The conversion price shall be subject to a discount of 50%.  The

conversion price shall be determined on the basis of the lowest VWAP

(Volume Weighted Average Price) of the Common Stock during the prior

twenty (20) trading day period.

The Investor will be limited to convert no more than 4.99% of the issued

and outstanding Common Stock at the time of conversion at any one time.

     Prepayment:  At any time during the period beginning on the date of the Note and

ending on the date which is 180 days thereafter, the Company may repay

the Note by paying an amount equal to the then outstanding amount

multiplied by 135%.

The foregoing description of the April 3, 2017 Debenture does not purport to be complete

and is qualified in its entirety by reference to the full text of the  document, which is filed as an

exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Exhibits

The following Exhibits are filed as part of this Report:

10.13   Security Purchase Agreement dated as of March 30, 2017 by and between PowerUp

Lending Group. LLC, a Virginia corporation, and iGambit Inc., a Delaware corporation.

10.14   March 30 2017 Convertible Debenture by and between  PowerUp  Lending Group.  LLC, a

Virginia corporation (“Holder”), and iGambit Inc., a Delaware corporation (“Borrower”).

10.15     April  3  2017 Convertible Debenture  2017  by and  between  JSJ  Investments  Inc., a  Texas

corporation (“Holder”), and iGambit Inc., a Delaware corporation (“Borrower”).


iGambit Inc. (OTCMKTS:IGMB) Recent Trading Information

iGambit Inc. (OTCMKTS:IGMB) closed its last trading session up +0.0045 at 0.0995 with 12,409 shares trading hands.

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