LIVE CURRENT MEDIA INC. (OTCMKTS:LIVC) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On January 29, 2020, Live Current Media Inc. (\”Live Current\” or the \”Company\”) entered into an agreement (the \”Buyback Agreement\”) with Cell MedX Corp. (\”Cell MedX\”), whereby the Company sold back to Cell MedX the exclusive worldwide distribution rights to the eBalance microcurrent device (the \”Distribution Rights\”) originally acquired from Cell MedX in March 2019.
Under the terms of the Buyback Agreement, the Company sold the Distribution Rights back to Cell MedX in consideration for a royalty on future sales of the eBalance device capped at US$507,500, plus warrants to purchase up to 2,000,000 shares in the common stock of Cell MedX (the \”Warrants\”) exercisable for a period of three (3) years. 1,000,000 of the Warrants are exercisable at a price of $US0.50 per share (the \”$0.50 Warrants\”), with the remaining 1,000,000 Warrants exercisable at US$1.00 per share (the \”$1.00 Warrants\”). The Warrants are subject to an acceleration right, with the $0.50 Warrants being subject to acceleration if Cell MedX\’s common stock trades at or above $1.00 per share for 30 consecutive trading days, and the $1.00 Warrants being subject to acceleration if Cell MedX\’s common stock trades at or above $1.75 per share for 30 consecutive trading days. Cell MedX may buyout the royalty at any time for 85% of the remaining amount of the royalty still payable.
The foregoing descriptions of the Buyback Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, copy of which is included as an exhibit to this report. A copy of the Company\’s news release regarding the above Agreement is attached as an exhibit to this report.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are provided with this Current Report:
Live Current Media Inc. Exhibit
EX-10.1 2 exhibit10-1.htm EXHIBIT 10.1 Live Current Media Inc….
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About LIVE CURRENT MEDIA INC. (OTCMKTS:LIVC)
Live Current Media Inc. (Live Current) is focused in tapping into the ways in which people interact with information providing more opportunities for consumers to discover share and interact with the information they are passionate about in their daily lives. The Company through its wholly owned principal operating subsidiary, Domain Holdings Inc. (DHI), builds consumer internet experiences around its portfolio of domain names. DHI’s current business strategy is to develop, or to seek partners to develop, its domain names to include content, commerce and community applications.