Current Report Filing (8-k)
February 21 2017 - 2:52PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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): February 21, 2017
PROGREEN
US, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
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000-25429
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59-3087128
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(State
or Other Jurisdiction
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(Commission
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(
I.R.S. Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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6443
Inkster Road, Suite 170-D, Bloomfield Township, MI
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48301
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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: (248) ) 973-8851
Former
name or former address, if changed since last report
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 (see General Instruction A.2. below):
☐
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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
8.01 Other Events.
On
November 22, 2016, the Company signed a 5% Promissory Note with the company's CEO, Jan Telander, for a credit line of up to $250,000.
The Note is non-convertible and is to be repaid within one year. Mr. Telander completed the full amount of the advances
under the Note today, and today we have issued to Mr. Telander, in accordance with the terms of this credit line financing, a
five-year common stock purchase warrant to purchase 2,500,000 shares of common stock at an exercise price of $0.05 per share,
will be issued as are made.
Mr.
Telander today has entered into an additional one year 5% Promissory Note credit line agreement of up to $250,000 with the Company,
on the same terms as those of the November 22, 2016 agreement, and has commenced advances to the Company under the new Promissory
Note.
"This
additional credit line provides a most favorable financing arrangement for ProGreen as we continue to execute our business plan,
with a ramp up of our activities in Baja California, until a later time that we would see it as an appropriate point to draw from
the equity line financing under review by the SEC. My confidence in our business plan and strategy, and my commitment to the success
of ProGreen, are my reasons for personally expanding this bridge financing," says Jan Telander, President & CEO.
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.
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PROGREEN
US, INC.
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Dated:
February 21, 2017
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By:
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/s/
Jan Telander
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Jan
Telander, Chief Executive Officer
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