SIGNAL BAY, INC. (OTCMKTS:SGBY) Files An 8-K Entry into a Material Definitive AgreementItem 7.01 Entry into a Material Definitive Agreement.
Note Purchase Agreement:
On August 14, 2017, Signal Bay, Inc. (the “Company”) entered into an 8% convertible promissory note (the "Note") with LG Capital Funding, LLC. ("Lender") in the amount of $275,600. The company received $250,000 and it was funded on August 18, 2017 (Purchase Date).
The company can prepay the note based on the following schedule.
|
Days Since Effective Date |
Prepayment Amount |
|
0-90 |
110% of Principal Amount |
|
91-180 |
125% of Principal Amount |
Lender has the right at any time following an Event of Default, at its election, to convert (each instance of conversion is referred to herein as a “Conversion”) all or any part of the Outstanding Balance into shares (“Conversion Shares”) of fully paid and non-assessable common stock, $0.0001 par value per share (“Common Stock”), of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion Amount”) divided by the Conversion Price. The conversion shall be equal to (a) 75% of the lowest trading price of the Company's common stock during the 15 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note.
Note Purchase Agreement:
On August 14, 2017, Signal Bay, Inc. (the “Company”) entered into an 8% convertible promissory note (the "Note") with Adar Bays, LLC. ("Lender") in the amount of $275,600. The company received $250,000 and it was funded on August 16, 2017 (Purchase Date).
The company can prepay the note based on the following schedule.
|
Days Since Effective Date |
Prepayment Amount |
|
0-90 |
110% of Principal Amount |
|
91-180 |
125% of Principal Amount |
Lender has the right at any time following an Event of Default, at its election, to convert (each instance of conversion is referred to herein as a “Conversion”) all or any part of the Outstanding Balance into shares (“Conversion Shares”) of fully paid and non-assessable common stock, $0.0001 par value per share (“Common Stock”), of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion Amount”) divided by the Conversion Price. The conversion shall be equal to (a) 75% of the lowest trading price of the Company's common stock during the 15 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note.
Item 7.01. Regulation FD Disclosure.
The Company’s press release dated August 21, 2017 reporting our third quarter earnings is attached hereto as Exhibit 99.1. This information is being furnished under Item 7.01 and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section.
Item 7.01 Financial Statements and Exhibits.
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SIGNAL BAY, INC. ExhibitEX-10.1 2 sgby_ex101.htm CAPITAL FUNDING sgby_ex101.htmEXHIBIT 10.1 THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF 1933,…To view the full exhibit click here
About SIGNAL BAY, INC. (OTCMKTS:SGBY)
Signal Bay, Inc. (Signal Bay), through its subsidiaries, provides advisory, management and analytical testing services to the legalized cannabis industry. The Company’s segments are Signal Bay Consulting (SBC) and CR Labs, Inc. (CRLB). SBC provides advisory, licensing and compliance services to the cannabis industry. SBC’s clients are located in states that have state managed medical and/or recreational programs. SBC assists these companies with license applications, business planning, state compliance and ongoing operational support. CRLB provides analytical testing services to the cannabis industry. CRLB’s clients are located in Oregon and consist of growers, processors and dispensaries. Signal Bay provides advisory and consulting services to cannabis companies, including license application support, regulatory compliance, market forecasts and operational insights. It also publishes industry information through online media, research reports and publications.