On July 15, 2015, Leo Motors, Inc., a Nevada Corporation (the "Company") held a meeting of the Board of Directors. The subject of the meeting was a proposed resolution to amend the Company's Articles of Incorporation to increase the authorized issuable common stock by one hundred million shares (100,000,000).
The Company's Board of Directors unanimously approved this resolution and has amended and restated the Company's articles to such effect. In addition, while the Company was amending and restating its articles, the names of the members of the Board of Directors listed in such articles, was amended to bring it current with the Company's present board members as reflected with the Nevada Secretary of State. A copy of this resolution and the meeting minutes is attached hereto along with the Amended and Restated Articles of Incorporation of the Company filed with and accepted by the Nevada Secretary of State.
This resolution will increase the total number of authorized common shares of the Company to three hundred million (300,000,000) of which 158,114,476 are currently issued and outstanding. While current common shareholders will be diluted to the extent additional shares are issued, the additional one hundred million common shares will allow the Company to finance continued business operations, to fund equity based strategic acquisitions and to build shareholder value.
Exhibit No. Description.
10.1 First Amended and Restated Articles of Incorporation of Leo Motors, Inc. accepted July 23, 2015.
