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Form 8-K for TAURIGA SCIENCES, INC.


13-Oct-2015

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

Item 1.01 Entry into Material Definitive AgreementOn October 2, 2015, Tauriga Sciences, Inc., a Florida corporation (the “Company”), entered into a Bridge Loan and Security Agreement (the “Note”) with Alternative Strategy Partners PTE. LTD., a Singapore private limited company (“ASP”), whereby ASP funded to the Company gross proceeds of $180,000. All funds advanced under the Note carry an interest rate of 11.5% per annum subject to adjustment as set forth below. All principal and accrued but unpaid interest under the Note are due in full on December 23, 2015 (the “Maturity Date”). The Note is secured by all of the assets of the Company.

Upon the occurrence of an Event of Default (as defined in the Note), any unpaid amounts of principal or interest currently outstanding under the Note shall become immediately due and payable and bear interest from the date of the Event of Default at the lesser of (i) a rate of eighteen percent (“18%”) per annum or
(ii) the maximum rate of interest permitted under applicable law. A failure of the Company to make the required principal and interest payment on the Maturity Date is deemed an Event of Default.

The Note contains customary representations, warranties and covenants from the Company to ASP.

The foregoing description of the Note is qualified in its entirety by reference to the provisions of the form of the Note filed as Exhibit 10.1 to this Current Report on Form 8-K, which 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 RegistrantThe disclosure set forth under Item 1.01 of this Report is incorporated by reference into this Item.

 

Item 9.01 Financial Statements and Exhibits(d) Exhibits

10.1 Bridge Loan and Security Agreement dated October 2, 2015 between Tauriga Sciences, Inc. and Alternative Strategy Partners PTE. LTD.

 


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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