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SVLT > SEC Filings for SVLT > Form 8-K on 25-Apr-2014All Recent SEC Filings

Show all filings for SUNVAULT ENERGY, INC.



Unregistered Sale of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities

Effective April 11, 2014, we entered into a purchase agreement with 1301540 Alberta Ltd., an Alberta Canada corporation, operating under the name Werkman Transport. Pursuant to the agreement, we have agreed to purchase all of the transportation assets and other assets of 1301540 Alberta, excluding all land and buildings and accounts receivable, but including the right to use the name Werkman Transport at a purchase price of Cdn$3,000,000, payable in shares of common stock of our company. Cdn$1,000,0000 or 5,000,000 shares of common stock are to be issued upon closing with the remaining shares of common stock to be issued after six months have elapsed from the closing date.

Pursuant to the agreement, we will create a new, wholly-owned subsidiary, to be named Werkman Transport Inc., under which the purchased assets of 1301540 Alberta will be transferred upon receipt by 1031540 Alberta of Cdn$1,000,000 from our company. In addition, our newly created subsidiary, Werkman Transport, will enter into a 5 year contract with 1031540 Alberta to supply management services of Jason Werkman at a rate of $10,000 per month.

1301540 Alberta is a transportation company operating under the name of Werkman Transport Inc. Together with the latest environmental technology and equipment, Werkman Transport provides customers the best on site delivery services throughout Western Canada with a fleet of 53' walking trailers.

Pursuant to the agreement, on April 15, 2014 we issued 5,000,000 shares of our common stock to one (1) non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S of the Securities Act of 1933, as amended.

Upon issuance of the 5,000,000 shares of our common stock we completed the acquisition of the transportation assets of 1301540 Alberta.

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