$SNPW ALERT>($2m Investment) MedRecycler RI, Inc. entered into a term sheet with a third party for a $2 million investment into MedRecycler RI, Inc. Pursuant to the term sheet, 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 permanent financing. MedRecycler RI, Inc. has also entered into an agreement to expand the $500,000 to $2,000,000 to purchase up to an additional thirty percent (30%) upon receiving its permanent financing. 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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