TRIDENT BRANDS INCORPORATED (OTCMKTS:TDNT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 3.02 Unregistered Sales of Equity Securities
Amendment to Securities Purchase Agreement and Convertible Promissory Note
On January 9, 2020 Trident Brands, Inc. (“we”, “us”, “our” the “Company”) and Fengate Trident LP (“Purchaser”) entered into an Amendment to Convertible Promissory Notes Agreement (the “Amendment”) to amend the terms of certain convertible promissory notes issued to to a Securities Purchase Agreement with the Purchaser dated September 26, 2016 and previously amended on November 30, 2018 and March 11, 2019. The amendment affects the convertible notes issued February 5, 2015 ($1,800,000), May 14, 2015 ($500,000), September 26, 2016 ($4,100,000), May 9, 2017 ($4,400,000) and May 16, 2018 (US$1,500,000), respectively (collectively the “2016 Notes”). to the Amendment, the Purchaser has agreed to convert all of the 2016 Notes on or before the earlier to occur of (i) the Maturity Date of the 2016 Convertible Notes and (ii) the Company raising new equity investment of not less than $2,000,000, on terms mutually acceptable to the Purchaser and the Company. Conversion of the 2016 Notes will occur in a single conversion transaction at a price that is equal to a 25% discount to the average closing price of the Company’s common stock for the 10 trading days immediately prior to the conversion date.
The Amendment also amends the outstanding convertible notes issued to the Purchaser on November 30, 2018 ($3,400,780), April 13, 2019 ($2,804,187) and November 6, 2019 ($2,858,865) respectively (collectively the “Amended SPA Notes”). Maturity of the Amended SPA Notes has been deferred to December 1, 2021. It was further agreed that interest on the Amended SPA Notes, which has been prepaid until June 30, 2020, will accrue as at July 1, 2020 and be payable upon maturity.
Trident Brands Inc Exhibit
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About TRIDENT BRANDS INCORPORATED (OTCMKTS:TDNT)
Trident Brands Incorporated is focused on branded consumer products and food ingredients. The Company maintains a portfolio of branded consumer products, including nutritional products and supplements under the Everlast and Brain Armor brands, and functional food ingredients under the Oceans Omega brand. The Company’s brands are focused on the supplements and nutritional product, and heart and brain health categories. The Company’s subsidiaries include Trident Brands Canada Ltd., Sports Nutrition Product Inc. and Brain Armor Inc. Trident Brands Canada Ltd. holds various banking facilities. Sports Nutrition Product Inc. holds the license to market and sell products in the nutritional foods and supplements categories under the Everlast brand. The Brain Armor product is a plant-based docosahexaenoic acid (DHA) supplement designed specifically for the needs of athletes. Its products under the Oceans Omega brand have application as a functional food ingredient.