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Form 8-K for UNITED CANNABIS CORP

30-Dec-2014

Other Events

ITEM 8.01 OTHER EVENTS.On December 23, 2014, United Cannabis Corporation (the “Company”) paid off the outstanding balance of its $1,657,500 convertible note (the “Note”) with Typenex Co-Investment, LLC (“Typenex”) pursuant to a Payoff Letter from Typenex. The final payoff amount was $381,714.29. The Company received a letter from Typenex dated December 29, 2014, acknowledging that the payoff amount had been received by Typenex on December 23, 2014, and that the Company is released from any and all liability under the Note and the Note is deemed paid in full, cancelled and of no further force or effect. The letter from Typenex also confirmed that the Investor Notes and Warrants #2, 3, 4, 5, and 6 are now terminated and cancelled.
Warrant # 1 is the only warrant which remains in full force and effect. A copy of this warrant was filed with the Company’s Form 8-K dated August 13, 2014.

The payment to Typenex was funded with the proceeds from a loan from a non-affiliated investor.

 


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