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IDEA > SEC Filings for IDEA > Form 8-K on 8-Oct-2013All Recent SEC Filings

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

Form 8-K for INVENT VENTURES, INC.


8-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial


Item 1.01. Entry into a Material Definitive Agreement.

The information in Item 3.02 of this Current Report on Form 8-K 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.

(a) The information in Item 3.02 of this Current Report on Form 8-K is incorporated herein by reference.



Item 3.02. Unregistered Sales of Equity Securities.

On September 27, 2013, INVENT Ventures, Inc. (the "Company") issued two convertible promissory notes in the amounts of U.S. $50,000 and U.S. $20,000 (the "Notes"). The Notes mature on September 27, 2014 ("Maturity"), and are convertible into shares of the Company's common stock at any time prior to Maturity at the lower of $0.27 per share or the Company's Net Asset Value Per Share ("NAV/S") as presented in the Company's most recent quarterly or annual filing with the Securities and Exchange Commission, subject to conversion limitations set forth in the Convertible Promissory Note agreements executed on September 27, 2013.

The Notes bear interest at the rate of 12% per annum, payable upon the earlier of Maturity, acceleration, or prepayment of the Notes. All amounts owed by the Company under the Note become immediately due and payable upon an event of default, which includes the Company's failure to pay principal or interest on the Note when due, the Company's insolvency or failure to pay its debts as they become due, and the Company's failure to maintain the listing of its common stock on at least one of the OTCBB or an equivalent exchange.

The foregoing description of the Notes is qualified in its entirety by reference to the complete text of the Notes, a copy of which is attached at this Form 8-K.

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