![](https://investorshub.advfn.com/uicon/126958.png?cb=1580208808)
Saturday, August 15, 2009 5:54:21 PM
and this August filing by the company issued warrants on stock to purchase later at $5.00 per share. Hummmmm:
Item 1.01
Entry Into a Material Definitive Agreement.
On July 31, 2009, Evolution Resources, Inc. (“Evolution”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the ‘Buyers”) pursuant to which Evolution sold, and the Buyers purchased $215,000 aggregate principal amount of senior secured notes due November 30, 2009 (the “Notes”) and five-year warrants to purchase 1,000,000 shares of common stock at an exercise price of $5.00 per share (the “Warrant”). This transaction is exempt from securities registration pursuant to Rule 506 of Regulation D under the Securities Act of 1933.
The Notes bear interest at a rate of 18% per annum, which is payable quarterly beginning on October 1, 2009. The Notes are secured by (i) substantially all of the assets of Evolution and its subsidiaries and (ii) the pledge of Evolution of its entire equity interest in each of its subsidiaries. The Notes are guaranteed by each of Evolution’s subsidiaries. Evolution and each of its subsidiaries also entered into an account control agreement to secure the Notes. With appropriate notice, Evolution has the option to repay the Notes prior to the due date.
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