Rainmaker Worldwide Inc 8-K, filed Jan 10, 2025
Rainmaker Worldwide Inc. (RAKR)
About this 8-K
Rainmaker Worldwide Inc filed this 8-K on January 10, 2025, reporting on events of January 8, 2025.
Items reported
- Item 1.01: Entered into a material agreement
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Item 1.01 Entry into a Material Definitive Agreement
On December 31, 2024, Rainmaker Worldwide Inc. (The “Company” or “RAKR”) entered into a material definitive agreement with privately owned Canadian company, Rainmaker Worldwide Inc. (“RWI”) to execute simultaneous transactions involving the assignment of financial obligations and conversion of a loan receivable into common shares.
The key terms of the agreement are as follows:
1. The Company will formally assume certain loans payable of $5,516, accrued interest of $8,890 and accounts payable of $97,972, which are already recognized on the Company’s balance sheet.
2. These liabilities, totaling $112,378 will be applied against an existing loan receivable of $388,000 held by the Company from RWI.
3. The remaining balance of the loan receivable, $275,622, will be converted into 1,724,312 common shares of RWI at a price of CA$0.23.
As a result of this transaction the Company’s ownership has increased to 10,753,874 common shares in RWI.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| RAINMAKER WORLDWIDE INC. | ||
| Dated: January 10, 2025 | By: | /s/ Michael O’Connor |
| Name: | Michael O’Connor | |
| Title: | President, Chief Executive Officer and Interim Chief Financial Officer | |