I don't see this as bad news.
01 – Changes in Control of Registrant
Update to Series B Convertible Stock Purchase Agreement (SPA) and Amendment # 1. On November 16, 2016, Oncologix Tech, Inc. ( the “Company”) and
DIMEVC executed Amendment #1 to the Series B Convertible Stock Purchase Agreement that outlines the new funding/investment schedule by Diversified
Innovative Marketing Enterprises, Ltd. (“DIMEVC”). The amendment calls for monthly investments of $200,000 beginning December 20, 2016 and continuing for
five (5) months thereafter. Following those initial tranches, a $4,000,000 investment is expected to be delivered to Company on May 19, 2017 with the final
tranche of $5,000,000 to be delivered on June 23, 2017. Should any tranche not be met, the Agreement terminates “For Cause” and the Company reserves the right
to seek legal remedy for potential Damages.
On December 20, 2016 DIMEVC failed to provide the initial tranche of funding in the amount of $200,000. On that day officers of the Company had discussions
with DIMEVC and both parties verbally agreed to extend the amendment provided that DIMEVC provide a partial investment $50,000 on December 23, 2016 with
the balance of the initial tranche to be submitted within 2 weeks. It was also agreed that no partial shares of the Series B Convertible Preferred Stock would be
issued until the full tranche of $200,000 was delivered. On December 23, 2016, DIMEVC again failed to deliver the $50,000.00 as agreed and DIMEVC could not
provide a date when the first tranche would be delivered. . Therefore, Amendment # 1 to the SPA, and any verbal agreements between the Company and DIMEVC
is hereby terminated “For Cause” and the Company retains all legal rights at law to seek remedy for financial Damages.
