LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On May 4, 2017, Loop Industries, Inc. (the
Company) sold to accredited investors, to common
stock subscription agreements entered into by and between the
Company and the purchaser signatories thereto in a private
placement offering (the “Private
Placement“), an aggregate of 1,123,266 shares of
its common stock, par value $0.0001 per share (the
“Shares“) for an aggregate purchase price of
approximately $5.9 million.
The net proceeds of the Private Placement are expected to be used
as general working capital of the Company.
For these unregistered sales, we relied on the private offering
safe harbor provision of Rule 506 of Regulation D promulgated
thereunder based on the following factors: (i) the number of
offerees or purchasers, as applicable, (ii) the absence of
general solicitation, (iii) representations obtained from the
purchasers relative to their accreditation and/or sophistication
and/or their relationship to the company (directors and
officers), (iv) the provision of appropriate disclosure, and (v)
the placement of restrictive legends on the certificates
reflecting the securities coupled with investment representations
obtained from the purchasers.
A copy of the form of Common Stock Subscription Agreement is
attached as Exhibit 10.1 to this report and is incorporated
herein by reference.
Item 3.02 Unregistered Sales of Equity
Securities
The information contained in Item 1.01 above is hereby
incorporated into this Item 3.02 by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
Exhibit No. |
Description |
|
10.1 |
Form of Common Stock Subscription Agreement |
About LOOP INDUSTRIES, INC. (OTCMKTS:LLPP)
Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology uses waste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, industrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics. LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Recent Trading Information
LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) closed its last trading session down -0.14 at 7.11 with shares trading hands.