ENSK insider convert shares @0.00376 per share.
The Loan Agreement was entered into effective March 4, 2013 between the Company, Samuel Asculai and Mercuriali, a company controlled by the Company’s current CEO, Donald Nicholson. Within five business days of execution of the agreement Mercuriali will provide the Company an interest free loan of fifty thousand United States dollars ($50,000) to be used solely in accordance with the restructuring plan approved by the Company’s board of directors on Febrary 13, 2013 (the “Restructuring Plan”). The amount loaned by Mercuriali plus the amount of US$33,188 previously owed to Mercuriali by the Company will be converted into common shares of the Company at a conversion price of of $0.00376 per share upon the restructuring of at least seventy five percent (75%) of its outstanding debt substantially in accordance with the Restructuring Plan and upon the Company raising additional equity financing of at least two hundred and fifty thousand United States dollars (US$250,000). The agreement also acknowledges that the Company owed Dr. Asculai $173,065 as at October 31, 2012, fifty percent (50%) of which will be converted into common shares of the Company at a conversion price of $0.00376 per share when the Company restructures at least seventy five percent (75%) of its outstanding debt substantially in accordance with the Restructuring Plan. The remainder of the amount owed to Dr. Asculai will become unsecured upon the Company raising additional equity financing of at least two hundred and fifty thousand United States dollars (US$250,000) and will be repaid in quarterly installments after the Company has cumulatively raised one million United States dollars.
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