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ADMP > SEC Filings for ADMP > Form 8-K on 30-Oct-2012All Recent SEC Filings




Other Events

Item 8.01 Other Events.

On October 25, 2012 Adamis Pharmaceuticals Corporation (the "Company") entered into a zero coupon secured promissory note (the "Note") with The G-Max Trust ("G-Max"), evidencing a loan from G-Max to the Company (the "Loan"). We received gross proceeds of approximately $499,000. As has been previously reported, G-Max is a previous investor in the Company and holds shares of common stock and a convertible note.

The Note has a stated maturity date of six months after the date of the Note, April 25, 2013. At maturity, we agreed to repay G-Max the sum of $588,000. The Note does not have a stated interest rate so long as we repay the principal balance by the maturity date and there is no other event of default. The Note is also due and payable if we complete a financing transaction or series of transactions after the date of the Note that result in proceeds to the Company of $2,000,000 or more.

As additional consideration for the Loan, we issue to G-Max 176,400 shares of our common stock. Pursuant to the terms of a security agreement and a stock escrow agreement, we issued 700,000 shares of our common stock as collateral for the timely repayment of the Note, to be held by a third party escrow agent pursuant to the terms of the escrow agreement. If the Loan is repaid, then the collateral shares will be returned to the Company and cancelled.

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