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AMBS > SEC Filings for AMBS > Form 8-K on 5-Feb-2013All Recent SEC Filings

Show all filings for AMARANTUS BIOSCIENCE, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for AMARANTUS BIOSCIENCE, INC.


5-Feb-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement

On 30 January 2013, Amarantus Bioscience, Inc. ("Amarantus") executed an amendment to a Convertible Promissory Note payable to Dominion Capital, LLC or its registered assigns (the "Dominion Note"), dated November 14, 2012, providing for an increase in the purchase price for such note from $600,000 to $2,000,000, to be disbursed in tranches through April 26, 2013. The Dominion Note bears interest at the rate of ten percent (10%) per annum until paid in full and is convertible into shares of the Company's common stock, subject to certain restrictions, at a price of $0.10 per share. The Dominion Note has been amended to provide for an extended amortization schedule with a final maturity date of 28 October 2013. The Company has the option to pay the Dominion Note in cash or stock at its discretion, subject to certain conditions. The Company intends to apply the proceeds from the amended Dominion Note for working capital purposes. Dominion is not able to begin to convert the note until May 14, 2013. The Company received all $600,000 from the initial agreement in 2012, and received the first tranche of funding of $250,000 on January 30th, 2013. The extended amortization schedule provides for payments of $200,000 to $250,000 every 2 weeks until the end of April 2013.

On February 1st, 2013, the Company settled ongoing litigation with Trinet, Inc. for $14,000 in cash, The Company is working to resolve all pending litigation.

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