Kiwa Bio-Tech Products Group Corporation (OTCMKTS:KWBT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On May 9, 2017, Kiwa Bio-Tech Products Group Corporation (“Kiwa” or the “Company”) announced that it had entered into a Convertible Loan Agreement (“Loan Agreement”) with Junwei Zheng wherein the lender agreed to advance of approximately US$ 4.5 million (RMB 30,000,000) under a Convertible Promissory Note. In fact, no funds were advanced by Mr. Zheng to the Company under the terms of the Loan Agreement and the Company does not expect that any funds will ever be so advanced. In lieu of the advance of funds under the Loan Agreement, Mr. Zheng purchased 1,000,000 shares of Company Common Stock at $1.00 per share and an additional 245,000 shares of Company Common Stock at $3.00 per share, for an aggregate investment of $1,735,000.
On November 22, 2017, the Company entered into a Common Stock Purchase Agreement with Yongtao Yu to purchase 3,000,000 shares of Company Common Stock for a total purchase price of $3,600,000 ($1.20 per share). In fact, only 1,000,000 shares of Company Common Stock were purchased by Mr. Yu under this agreement for a total purchase price of $1,200,000 ($1.20 per share).
Item 9.01 Financial Statements and Exhibits.
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About Kiwa Bio-Tech Products Group Corporation (OTCMKTS:KWBT)
Kiwa Bio-Tech Products Group Corporation develops, manufactures, distributes and markets bio-technological products for agriculture. The Company has acquired technologies to produce and market bio-fertilizer. The Company has developed over six bio-fertilizer products with bacillus spp and/or photosynthetic bacteria as its ingredients. The Company’s products contain ingredients of both photosynthesis and bacillus bacteria. The Company’s products include KiwaBiological Organic Fertilizer, Kiwa Yi Mu Ling, Kiwa Di Fu Kang, Kiwa Microbial Specific Fertilizer For Rice, Kiwa Microbial Specific Fertilizer For Corn, Kiwa Microbial Specific Fertilizer For Potato, Kiwa Microbial Specific Fertilizer For Soybean, Kiwa Microbial Specific Fertilizer For Tea Tree, Kiwa Microbial Specific Fertilizer For Tobacco, Kiwa Microbial Specific Fertilizer For Fruit Trees, Kiwa Microbial Specific Fertilizer For Vegetables and Kiwa Full Effect Type Foliar For Golf Turf.
