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| TTXP.OB > SEC Filings for TTXP.OB > Form 8-K on 13-Oct-2009 | All Recent SEC Filings |
13-Oct-2009
Entry into a Material Definitive Agreement, Unregistered Sale of Equit
On October 12, 2009, pursuant to a Securities Purchase Agreement, and Redeemable Debenture, which are attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2 Trilliant Exploration Corporation ("Registrant") secured a $210,000 loan (the "Loan") with a major stockholder, Trafalgar Capital Specialized Investment Fund ("Trafalgar").
As stated in Item 1.01, on October 12, 2009, the Registrant secured a $210,000 Loan from Trafalgar. Pursuant to the terms of the Loan, Registrant issued to Trafalgar a Debenture with a face value of $210,000. The Holder of the Debenture is entitled, at its option, to convert, and sell all or any part of the principal amount of the Debenture, plus accrued interest, into shares of Registrant's Common Stock at a price per share equal to the lower of (a) 100% of the Volume Weighted Average Price of the Common Stock as reported by Bloomberg, LP on the Closing Date and (b) a fifteen percent (15%) discount to the lowest daily closing VWAP of the Common Stock during the five (5) trading days after the Conversion Date.
On October 2, 2009 Registrant filed a Current Report on Form 8-K regarding the possibility of foreclosure of the mortgage on property comprising Registrant's Ecuadorian operations, including the Muluncay gold mine. Proceeds of the Loan have been used to pay the past due mortgage payments, and the Registrant's properties are no longer in danger of foreclosure.
10.1 Securities Purchase Agreement
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