ZIVO BIOSCIENCE, INC. (OTCMKTS:ZIVO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
Entry into a Material Definitive Agreement
On April 5, 2019, the Registrant and HEP Investments, LLC (“Lender”), entered into the following documents: (i) effective as of March 29, 2019 a Debt Extension Agreement and (ii) a Debt Conversion Agreement dated April 5, 2019.
Debt Extension Agreement
As of March 31, 2019, the Registrant is indebted to the Lender $22,094,427, including debt and accrued interest at 11% to a Loan Agreement dated December 2, 2011, as amended (“Loan Agreement”) represented by Convertible Secured Promissory Notes (“Convertible Notes”). The Convertible Notes are convertible into the Registrant’s common stock at $.10 per share at the Lender’s option. The Convertible Notes, including the accrued interest, as of March 31, 2019 would be convertible into 220,944,269 shares of the Registrant’s Common Stock. The Convertible Notes and accrued interest were due on April 1, 2019. The Debt Extension Agreement extends the maturity date of the Convertible Notes and accrued interest to June 30, 2019. All other terms and provisions of the Loan Agreement and all other Loan Documents (as defined in the Loan Agreement) continue in full force and effect.
Debt Conversion Agreement
According to the Debt Conversion Agreement dated April 5, 2019, the Lender agrees, upon the sale of at least $25 million in common shares to one or more third party investors, to convert at least $16.1 million of the Convertible Notes into the Registrant’s common stock. $16.1 million of Convertible Notes would convert into 161 million shares of the Registrant’s common stock.
Item 9.01 Financial Statements and Exhibits
|
Exhibit No |
Description |
|
10.1 |
Debt Extension Agreement with HEP Investments, LLC dated March 29, 2019 |
|
10.2 |
Debt Conversion Agreement with HEP Investments, LLC dated April 5, 2019. |
Zivo Bioscience, Inc. Exhibit
EX-10.2 3 f8k040819_ex10z2.htm EXHIBIT 10.2 DEBT CONVERSION AGREEMENT WITH HEP INVESTMENTS,…
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About ZIVO BIOSCIENCE, INC. (OTCMKTS:ZIVO)
Zivo Bioscience, Inc., formerly Health Enhancement Products, Inc., is a biotechnology company. The Company is engaged in the study, development and commercialization of naturally derived compounds and bioactive molecules created by algal and bacterial hosts. The Company focuses on research and identification of its bioactive ingredients. It focuses to sell natural bioactive ingredients derived from its algae cultures to animal, human and dietary supplement and medical food manufacturers. It is also engaged in development of biologically derived and synthetic candidates for medicinal and pharmaceutical applications in humans and animals, specifically focused on autoimmune and inflammatory response modulation. It focuses on developing, manufacturing, marketing and selling tests that allow users to optimize personal health and identify future health risks. The Company manufactures algal products and derivatives, and has various product platforms.
