PHARMACYTE BIOTECH, INC. (OTCMKTS:PMCB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 17, 2020, PharmaCyte Biotech, Inc. (“Company”), announced that it has entered into a Share Subscription Agreement (“Agreement”) for a private placement (“Private Placement”) of its common stock, par value $0.0001 per share (“Common Stock”), with an accredited investor (“Investor”). The Private Placement closed with respect to the Investor on January 21, 2020. As a result of the Private Placement, the Company expects to issue and sell 30,000,000 restricted shares of Common Stock at a price of $0.005 per share (“Purchase Price”) for total expected gross proceeds of $150,000.
The issuance of the Common Stock will be exempt from the registration requirements of the Securities Act of 1933, as amended (“Securities Act”), to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and such Common Stock will therefore be restricted. The Investor gave representations that he is an “accredited investor” (as defined under Rule 501 of Regulation D) and that he is purchasing the Common Stock without a present view toward a distribution of the Common Stock. In addition, there was no general solicitation conducted in connection with the offer and sale of the Common Stock.
The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the form of Agreement, which is attached hereto as Exhibit 10.1, and incorporated herein by reference in its entirety.
Item 3.02 Unregistered Sales of Equity Securities
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits