Sealand Natural Resources, Inc. (OTCMKTS:SLNR) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities
On May 12, 2017 the Company completed the sale of $150,000 of
face value principal of a Convertible Promissory Note (the Note)
to an accredited investor (the Investor) due 9 months from the
date thereof (the Maturity Date) . This notes bears interest at
the rate of 10% per annum with a late payment interest rate of
24% per annum. The note is convertible into shares of the
Companys $0.001 par value common stock (the Share(s)) at the
option of the Investor at the lesser of $1.00 per share or 60% of
the lowest trading price for the twenty-five trading day period
immediately prior to the date of the conversion. The Company also
issued 85,000 restricted Shares to the Investor in consideration
of the loan. The Company has the right to redeem the note by
paying the investor 125% of the principal amount within 90 days
of issuance and 135% of the principal for the period from 91 to
180 days from issuance. The Company will immediately commence an
effort to privately sell common equity to redeem the Note as soon
as possible.
At least $100,000.00 of the Note proceeds will immediately be
allocated to an advance payment on the purchase of highest
quality certified organic silver birch sap available at this
time, immediately subsequent to harvest, to insure that the
Company will have a sufficient supply of organic sap to meet
demand for its silver birch water.
Item 9.01 Financial Statements and Exhibits
Exhibit 1. Securities Purchase Agreement
Exhibit 2. $150,000.00 Convertible Promissory Note
About Sealand Natural Resources, Inc. (OTCMKTS:SLNR)
Sealand Natural Resources, Inc. is a research and new product development company. The Company is engaged in the manufacture, distribution, sales and marketing of various natural functional beverages, nutriceuticals and health supplements, and the harvesting of organic raw materials. The Company integrates scientific, environmental and medical competencies in various areas, such as exploration/discovery, characterization of health benefits, and the ability to scale up new and natural consumer products for commercial use. The Company primarily focuses on the alternative beverage category, which combines non-carbonated ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks and single-serve still water (flavored, unflavored and enhanced) with new age beverages, including sodas that are considered natural, sparkling juices and flavored sparkling beverages. Sealand Natural Resources, Inc. (OTCMKTS:SLNR) Recent Trading Information
Sealand Natural Resources, Inc. (OTCMKTS:SLNR) closed its last trading session 00.000 at 0.520 with 9,615 shares trading hands.