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Unregistered Sale of Equity Securities
3 Months Ended
Sep. 30, 2015
Unregistered Sale Of Equity Securities  
Unregistered Sale of Equity Securities

Note 4. Unregistered Sale of Equity Securities

 

On August 28, 2015, the Company closed on the offer and sale of $35,000 of its 10% Secured Convertible Promissory Notes (the “Investor Notes”) to one investor who is a non-US person. The Investor Notes were offered and sold as part of a private placement that had its initial closing on May 21, 2014 (the “Notes Offering”), pursuant to the exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) of, and Regulation D and Regulation S under, the Securities Act. 

 

The Company used $15,000 of the gross proceeds derived from its issuance of the Investor Notes to provide additional bridge financing (“Bridge Financing”) to Urban Cultivator Inc., a British Columbia corporation, for working capital purposes. The Bridge Financing is evidenced by a Secured Bridge Loan Promissory Note from the Borrowers to the Company.