Home > Boards > US OTC > Miscellaneous > Gridiron BioNutrients Inc. (GMVP)

Item 1.01 Entry into a Material Definitive Agreement.

Public Reply | Private Reply | Keep | Last ReadPost New MsgPrevious | Next
cuckoo 4 cocoa puffs Member Profile
Followed By 18
Posts 3,280
Boards Moderated 7
Alias Born 08/18/17
160x600 placeholder
cuckoo 4 cocoa puffs   Wednesday, 05/06/20 01:57:05 PM
Re: None
Post # of 121 
Item 1.01 Entry into a Material Definitive Agreement.

On April 27, 2020, Gridiron BioNutrients, Inc., a Nevada corporation (the “Company”) announced that it had entered into a Participation Agreement (the “Libertas Participation Agreement”), effective April 27, 2020, with Libertas Funding, LLC, a Connecticut Limited Liability Company (“Libertas”), pursuant to which Libertas offered and the Company accepted to participate with Future Receivables in Purchase Agreement(s) with qualifying merchants, specifically QSI Holding Company, a Delaware Corporation (“QSI”). The Company’s participation buy-in amount was $200,000 with a participation purchase of $264,000 that is estimated to result in weekly payments to the Company for a minimum period of nine months or until the full participation purchase amount has been paid.

On April 27, 2020, the Company offered and sold to Cavalry Fund I LP that certain 22% Original Issue Discount self-amortizing convertible note that requires nine (9) equal installment payments in the amount of $28,846.15 beginning on June 15, 2020 (the “Cavalry Note”). The Cavalry Note has the principal sum of $259,615.15 with a purchase price of $202,500. The principal amount of $259,615.15 is to be paid back in full on February 15, 2021 (“Maturity Date”). In the event the Company fails to make the $28,846.15 installment payment by the 15th day of each designated month and/or fails to cure any missed installment payment within five (5) calendars days following the due date, or the Company Defaults, the defaulted amount owed shall be 130% of the total outstanding balance owed by the Company. The default interest rate for missing an installment payment shall be 18% and the conversion into common stock shall be at a price of $0.02 per common stock.

On April 29, 2020, under the Libertas Participation Agreement, the Company received 45,053 Warrants of QSI Holding Company, (“QSI Warrants”) to Purchase Common Stock priced $3.1336 for common stock par value $0.00001 expiring the 7th anniversary after the issue date.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure with respect to the Cavalry Note in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.


Public Reply | Private Reply | Keep | Last ReadPost New MsgPrevious | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences