![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Essential Innovations Technology Corporation (CE) | USOTC:ESIV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 16, 2008
ESSENTIAL INNOVATIONS TECHNOLOGY CORP. |
|||
(Exact name of registrant as specified in its charter) |
|||
|
|
|
|
Nevada |
000-106839 |
88-0492134 |
|
(State or other jurisdiction of |
(Commission |
(I.R.S. Employer |
|
incorporation or organization) |
File Number) |
Identification No.) |
|
|
|
|
|
114 West Magnolia Street, Suite 400-142 Bellingham, WA |
98225 |
||
(Address of principal executive offices) |
(Zip Code) |
||
|
|
||
360-392-3902 |
|
||
(Registrants telephone number, including area code) |
|
||
|
|
||
n/a |
|
||
(Former name or former address, if changed since last report) |
|
||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.03CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On May 16, 2008, Essential Innovations Technology Corp. entered into a financing agreement with Valens Offshore SPV II, Corp. (Valens), under which Valens provided Essential with $1,750,000 in exchange for a promissory note in that amount secured by all of Essentials assets, excluding Essentials Asian subsidiary. The note bears interest at the rate of 11% per year and is payable in 24 equal monthly payments commencing on November 1, 2008. The note is convertible into Essentials common stock at the price of $0.10 per share, and the holder may elect to convert at any time. In addition to the note, Essential also granted to Valens warrants to purchase up to 3,500,000 shares of Essentials common stock. The warrants have an exercise price of $0.001 per share and expire 20 years from the date of the grant.
The proceeds received by Essential were used to pay down approximately $1.35 million owing to Laurus Master Fund Ltd., an affiliate of Valens, with remaining funds used to cover fees, to purchase raw materials, to structure an interest escrow account for service of the note, and for working capital.
ITEM 3.02UNREGISTERED SALES OF EQUITY SECURITIES
See Item 2.03 above. Valens was provided the opportunity to ask questions directly of our management. No general solicitation was used and Valens acknowledged in writing that the securities constituted restricted securities and consented to a restrictive legend on the certificates to be issued. This transaction was made in reliance on the exemption from registration in Section 4(2) of the Securities Act for transactions not involving any public offering.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ESSENTIAL INNOVATIONS TECHNOLOGY CORP. |
|
|
|
|
|
|
|
Date: May 21, 2008 |
By: |
/s/ Jason McDiarmid |
|
|
Jason McDiarmid |
|
|
Its President |
2
1 Year Essential Innovations Te... (CE) Chart |
1 Month Essential Innovations Te... (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions