OROPLATA RESOURCES, INC. (OTCMKTS:ORRP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On July 25, 2017, Oroplata Resources, Inc. (the “Company”) issued a convertible promissory note (the “Note”) to Tangiers Investment Group, LLC (“Tangiers”) in the principal amount of $550,000, which includes a 10% original issue discount (“OID”) on any consideration paid. Tangiers made an initial payment to the Company under the Note of $40,000 which includes an additional $4,000 in OID. The Company may accept additional funding under the Note from Tangiers if and when both parties agree. The Company is only required to repay the amount funded under the Note, and not any unfunded amounts.
The Note bears interest at 10% and matures one year from the effective date of each payment. Each payment may be converted into common stock of the Company at any time at a fixed price equal to $0.10 per share.
The outstanding principal amount on the Note may be prepaid by the Company within 180 days of the Note’s issuance at prices of between 125% and 145% of the principal amount as set forth in the Note.
The foregoing description of the Note is not complete descriptions of all of the parties’ rights and obligations under the agreements and are qualified in their entireties by reference to the Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and each of which is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are furnished as part of this Current Report on Form 8-K.
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Exhibit No. |
Description |
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10.1 |
Promissory Note issued to Tangiers Investment Group, LLC dated July 25, 2017. |
Oroplata Resources, Inc. ExhibitEX-10.1 2 8k073117_ex10z1.htm EXHIBIT 10.1 PROMISSORY NOTE ISSUED TO TANGIERS INVESTMENT GROUP,…To view the full exhibit click here
About OROPLATA RESOURCES, INC. (OTCMKTS:ORRP)
Oroplata Resources Inc, located in Puerto Plata, Dominican Republic, is an exploration stage company engaged in mineral properties mining. It was founded in 2011.