, AXIM intends to: (i) acquire 100% of Sapphire’s outstanding capital (consisting of 1,000,000 shares of common stock); and (ii) assume all of the outstanding debt of Sapphire. The outstanding debt includes two notes; one with a principal amount of $324,218, including all accrued and/or unpaid interest, and a second convertible note with a principal amount of $190,000 which shall convert into 100,000 shares of Sapphire’s common stock prior to the date of the closing of the transaction. Following the closing of the transaction, Sapphire will become a wholly owned subsidiary of AXIM.
The parties intend to enter into Definitive Documents for the transaction no later than February 28, 2020. However, the binding Term Sheet shall remain in full force and effect until such time as the Definitive Documents are executed by the parties or until the Term Sheet is terminated by mutual consent of the parti
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