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Friday, January 04, 2008 4:16:02 PM
ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT
In December 2007 Seaway Valley Capital Corporation ("Seaway" or the "Company") consummated a financing agreement with Golden Gate Investors, Inc. in the form of a convertible debenture for total immediate gross proceeds of $400,000. The funds will be used for various business activities, including effectuating an acquisition of 100% of the stock of an undisclosed company that Seaway recently executed letter of intent ("LOI") to acquire. In addition, a certain portion of the funds may be used to assist its recently acquired wholly owned subsidiary, Hacketts, in the transition of WiseBuys stores into Hacketts stores.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
10-a Securities Purchase Agreement between Seaway Valley Capital Corporation and Golden Gate Investors, Inc.
10-b Secured Promissory Note between Seaway Valley Capital Corporation and Golden Gate Investors, Inc.
10-c Debenture between Seaway Valley Capital Corporation and Golden Gate Investors, Inc.
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