Target Group Inc 8-K/A, filed Mar 31, 2023
Target Group Inc. (CBDY)
About this 8-K/A
Target Group Inc filed this 8-K/A on March 31, 2023, reporting on events of March 28, 2023.
Items reported
- Item 2.03: New debt or off-balance-sheet obligation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading symbol | Name of each exchanges on which registered | ||
| N/A | N/A | N/A |
| Section 2- | Financial Information |
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
On December 26, 2019, the Company filed a report on Form 8-K disclosing the entry into a financing agreement dated December 20, 2019 (“Original Loan”) with a private individual (“Lender”) who is the brother of the Company’s Chief Executive Officer, Anthony Zarcone. The Original Loan was subsequently amended on seven (7) previous occasions as disclosed in reports filed on Form 8-K on March 17, 2020, April 24, 2020, May 14, 2020, June 22, 2021, February 18, 2022, October 21, 2022 and February 21, 2023 respectively.
Effective March 28 2023, the Company and Lender entered into a Eighth Amending Agreement pursuant to which the Lender advanced the Company an additional CDN$500,000.00 (“Advance”) under the Original Loan. The entire principal amount and accrued interest of the Advance is due and payable no later than September 28, 2023. The Original Loan and the Advance carry interest at the rate of 3.0416% per month (43.26% per annum). The Advance is subject to a Lender’s fee of CDN$50,000.00 which was deducted from the Advance. The remaining terms and conditions of the Original Loan remain in full force and effect.
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.
| TARGET GROUP INC. | |||
| Dated: March 31, 2023 | by: | /s/ Anthony Zarcone | |
| Chief Executive Officer | |||