Current Report Filing (8-k)
July 05 2022 - 11:47AM
Edgar (US Regulatory)
0001442492
false
0001442492
2022-06-28
2022-06-28
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
|
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) |
June 28, 2022 |
Laredo Oil, Inc. |
(Exact Name of Registrant as Specified in Charter)
333-153168 |
(Commission File Number) |
Delaware |
|
26-2435874 |
(State or Other Jurisdiction of Incorporation) |
|
(IRS Employer Identification No.) |
2021 Guadalupe Street, Ste. 260
Austin, Texas |
78705 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code |
(512) 337-1199 |
Not Applicable |
(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):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
|
Title of each class |
Trading Symbol(s) |
Name of exchange on which registered |
None |
|
|
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
Laredo Oil, Inc. (the “Company”) has entered
into a Secured Promissory Note dated June 28, 2022 (the “Note”),with the initial principal amount of $750,000. The Note is
payable to Cali Fields LLC (the “Lender”). The Note will accrue interest on the outstanding principal sum at the rate of 15.0%
per annum. The Company may prepay the Note in whole or in part, without penalty, with any such payment being applied first to any accrued
and unpaid interest, and then to the principal amount. The Note has a maturity date of December 31, 2023.
As partial consideration for the Lender’s advance
of the principal amount of the Note, the Company agreed to pay the Lender a quarterly revenue royalty equal to 0.5% of the consolidated
revenue of the Company and its consolidated subsidiaries from the production of oil, gas, gas liquids and all other hydrocarbons, recognized
by the Company during the most recent calendar quarter during the “Royalty Period.” The Royalty Period is from June 1, 2022
through May 31, 2027.
The Note is secured by the Company’s fifty percent
(50%) interest in Cat Creek Holdings, LLC.
The foregoing is a description of the material terms
and conditions of the Note and is not a complete discussion of the Note. Accordingly, the foregoing is qualified in its entirety by reference
to the full text of the Note, a copy of which is attached as Exhibit 10.1 to this Report, and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The information disclosed in Item 1.01 of this Current
Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
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.
|
LAREDO OIL, INC. |
|
|
|
|
|
Date: June 30, 2022 |
By: |
/s/ Bradley E. Sparks |
|
|
|
Bradley E. Sparks |
|
|
|
Chief Financial Officer and Treasurer |
|
|
|
|
|
EXHIBIT INDEX
Laredo Oil (PK) (USOTC:LRDC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Laredo Oil (PK) (USOTC:LRDC)
Historical Stock Chart
From Sep 2023 to Sep 2024