Life Clips Inc (fka LCLP)

[Dolly Llama]

Today's amendment extends the date after which Batterfly Energy Ltd. (the Israeli company being bought by Life Clips) may terminate the Purchase Agreement if the Acquisition has not closed by such date. Originally the date was June 30th. That was clearly defined in black and white. Today it was extended to July 14th. That means Batterfly had one entire week (from June 30th until today) in which it could have terminated the agreement if it had wanted to. Obviously it didn't, or it would have. Neither would it have agreed to extend the date if it wanted out. And if Life Clips was interested in "putting the heat on", then they wouldn't have extended. The need for an extension probably had to do with the Israeli tax authorities.

"While the closing of the Acquisition remains subject to various customary closing conditions, the Israeli tax authorities have granted preliminary approval of the tax treatment for the Acquisition being sought by Batterfly’s shareholders, and accordingly, the Company expects the closing of the Acquisition to occur during the week of July 11, 2016."