Skinvisible, Inc. (OTCMKTS:SKVI) Files An 8-K Termination of a Material Definitive AgreementITEM 1.02 – TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
As previously disclosed, on April 7, 2017, Skinvisible, Inc. (the “Company” ), entered into a Securities Purchase Agreement with Labrys Fund, LP (the “Purchaser”), to which the Company issued to the Purchaser a Convertible Promissory Note (“Note 1”) in the aggregate principal amount of $160,000.
A few months later, on August 4, 2017, the Company entered into a second Securities Purchase Agreement with the Purchaser, to which the Company issued to the Purchaser a second Convertible Promissory Note (“Note 2”) in the aggregate principal amount of $35,000.
On October 5, 2017, the Company issued to the Purchaser 5,772,006 shares of common stock in connection with the conversion of Note 1. This issuance of shares to the Purchaser satisfied Note 1 in full.
On the same date, the Company exercised its right to prepay Note 2, and paid the Purchaser a total of $ $35,508.22 under the terms of Note 2. As such, Note 2 is satisfied in full.
About Skinvisible, Inc. (OTCMKTS:SKVI)
Skinvisible, Inc. is a pharmaceutical research and development company. The Company has developed a polymer delivery system, Invisicare, and formulated over 40 topical skin products. The Company’s Invisicare manages the delivery of active ingredients for topically applied skin care products. The Company develops topical prescription and over-the-counter products enhanced with Invisicare to license to pharmaceutical and consumer goods companies around the world. The Company assists pharmaceutical clients in the early development of optimal formulation. The Company sells a broad spectrum sun protection factor (SPF) 30 sunscreen known as Skinbrella. Its portfolio of sunless tanning products includes sunless tanning lotions (light, medium and dark), pre-sun moisturizer and after-sun moisturizer, along with sunless tanning spray products for commercial use. It has also developed approximately three broad spectrum sunscreens, with SPF 15, 30 and 50.