Replies to post #1505 on Chalice Brands Ltd (CHALF)

[Magnum7419]

I will try and find my post on the default clause established by Dominion. IMHO if TRTC farts at the wrong time........Dominion can call in the debt.

FYI TRTC already went default with Dominion which IMHO caused the R/S and given time will cause a second R/S.....thats why if GLDFF is nuts enough to be a sub don't accept common shares cause they convert in a R/S. "B" shares are protected per latest filing.........


"kevindenver Monday, 08/15/16 07:22:09 PM
Re: None 0
Post #
203250
of 270639
TRTC in DEFAULT on convertible notes!

Be advised the A/S increase is 100% going to happen soon, as TRTC is in default to Dominion for the convertible notes, but Dominion is still footing the bills with cash for shares. The R/S is up for discussion.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11547345

From Page 31
20. SUBSEQUENT EVENTS

Issuances of Debt and Warrants:
On July 25, 2016, the Company issued a demand promissory note in favor of Dominion Capital LLC ("Dominion") in the amount of $750,000. The principal and interest under the demand note is due and payable on demand, but in no case later than July 23, 2018. Payment may be made in either cash or shares of the Company's common stock, at Dominion's option. Dominion may also, at its option, convert the demand note into a subsequent securities offering that is undertaken by the Company. Interest accrues at the simple rate of one percent (12%). The Company received the $750,000 on July 25, 2016. Dominion also received warrants to acquire up to 533,714 shares of common stock at $0.35 per share. The warrants have a four year term. Dominion has the right to cashless exercise of the warrants if at the time of exercise there is no effective registration statement for the underlying common stock.
On August 12, 2016, the Company issued a demand promissory note in favor of Dominion Capital LLC ("Dominion") in the amount of $1,000,000. The principal and interest under the demand note is due and payable on demand, but in no case later than August 12, 2018. Payment may be made in either cash or shares of the Company's common stock, at Dominion's option. Dominion may also, at its option, convert the demand note into a subsequent securities offering that is undertaken by the Company. Interest accrues at the simple rate of one percent (12%). The Company received the $1,000,000 on August 12, 2016. Dominion also received warrants to acquire up to 714,286 shares of common stock at $0.44 per share. The warrants have a four-year term. Dominion has the right to cashless exercise of the warrants if at the time of exercise there is no effective registration statement for the underlying common stock.

Issuances of Warrants:
On August 12, 2016, the Company issued warrants in favor of Dominion to acquire up to 500,000 shares common stock at $0.44 per share. The warrants have a four-year term. Dominion has the right to cashless exercise of the warrants if at the time of exercise there is no effective registration statement for the underlying common stock. The warrants were issued as consideration for the Company's default of a $500,000 note dated December 14, 2015. The default was as a result of the Company not having sufficient shares of common stock to issue to Dominion upon its conversion of the note."