Current Report Filing (8-k)
January 20 2017 - 3:06PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported)
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November
3, 2016
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PARK
PLACE ENERGY INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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000-55539
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47-4488552
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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2200
Ross Ave., Suite 4500E, Dallas, Texas
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75201
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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214-220-4340
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(Former
name or former address, if changed since last report.)
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01
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Entry
into Material Definitive Agreement
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Park
Place Energy Inc. (“Park Place” or the “Company”) entered into the following loans:
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1.
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Loan
in the original principal amount of $400,000 from Mohammed Murtaza Khan evidenced by that certain promissory note dated December
7, 2016, as amended and restated as of January 17, 2017. The note provides for 10% interest per annum and has a maturity date
of March 31, 2017. A principal payment of $100,000 is due on January 26, 2017. The Company is obligated to pay commitment
fee for this loan, consisting of (i) a cash payment of $8,000 (2% of the initial principal balance) and (ii) 300,000 share
purchase warrants with a term expiring on January 17, 2018 and an exercise price of $0.40 per share.
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2.
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Loan
in the maximum principal amount of $580,000 from the Parvez Tyab Family Trust evidenced by that certain promissory note dated
November 3, 2016. The current outstanding principal balance of this loan is $383,000. The note provides for 10% interest per
annum and is payable upon demand but if no demand is made, then it is due and payable on September 1, 2017. The Parvez Tyab
Family Trust is the owner of approximately 13.6% of the Company’s common stock.
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3.
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In
the same time frame as the above-described loans, the Company entered into several other small short term demand loans in
an aggregate principal amount of $116,000. These loans provide for 10% interest per annum.
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Item
2.03
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
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Park
Place has entered into the short term obligations described in Item 1.01 above.
I
tem
3.02
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Unregistered
Sales of Equity Securities
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Pursuant
to the loan arrangement described in paragraph 1 of Item 1.01 above, the Company issued 300,000 share purchase warrants to Mohammed
Murtaza Khan. These warrants have a term expiring on January 17, 2018 and an exercise price of $0.40 per share. Mr. Khan is an
accredited investor (as that term is defined in Section 4(2) of the Securities Act of 1933) pursuant to the exemption from registration
provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
PARK
PLACE ENERGY INC.
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/s/
Francis M. Munchinski
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Francis
M. Munchinski
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Secretary
and Treasurer
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Date:
January
20, 2017
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