$SNPW MEDRECYCLER> $2 million investment into MedRecycler RI, Inc Todays 10Q
MedRecycler RI, Inc. recently entered into a term sheet with a third party for a $2 million investment into MedRecycler RI, Inc. On November 12, 2020, a convertible senior secured promissory note for $500,000 was executed that will convert into ten percent (10%) of MedRecycler RI, Inc’s common stock upon MedRecycler RI, Inc. receiving its operating permit. MedRecycler RI, Inc. is currently drafting agreements under the term sheet for a stock purchase agreement for $1,500,000 upon receiving its operating permits for an additional twenty percent (20%) percent of common stock of MedRecycler-RI, Inc.. The Company continues to explore creative solutions that would meet the requirements of the various financing parties and still provide equivalent profit sharing arrangements between the parties that allow Sun Pacific to also undertake other projects as it focuses on the best organizational structure to allow it to fund and grow its green energy objectives.
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