SNRG 8-K
SusGlobal Energy Corp. (SNRG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
As previously disclosed, SusGlobal Energy Corp. (the "Company") issued promissory notes on October 29, 2021, March 3, 2022, and March 7, 2022 (collectively, the "Promissory Notes"). The October 29, 2021 promissory note was in the principal amount of $1,471,000 and the March 3, 2022 and March 7, 2022 promissory notes had a total principal amount of $2,400,000.
As also previously disclosed, on August 16, 2022, the Company was sent a notice of default from each holder of these Promissory Notes. The defaults were caused by the Promissory Notes not being repaid on or before the August 15, 2022 maturity date of each of the Promissory Notes. The notices of default allowed for a cure period of 5 trading days. On September 15, 2022, the Company and the holders entered into an Amendment to the Promissory Notes (the "Amendment") which served as a cure to the August 2022 issued default notices.
On June 8, 2023, the Company was sent a notice of default from counsel to the holders of these Promissory Notes. The default was caused by the holders of these Promissory Notes not being able to receive shares of the Company's common stock, par value $0.0001 (the "Common Stock") pursuant to the conversion terms of these Promissory Notes. All cure periods available pursuant to the Promissory Notes had expired prior to June 8th.
The October 29, 2021 promissory note now has a principal amount of $1,300,000 (due to previous conversions into shares of Common Stock). The March 3, 2022 and March 7, 2022 promissory notes now have a total principal amount of $3,168,000 and the interest that has accrued on such notes is equal to $424,946. The Company owes a total of $4,892,946 pursuant to the Promissory Notes. Each of the three promissory notes is now past due.
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.
| SusGlobal Energy Corp. | ||
| Dated: June 14, 2023 | By: | /s/ Marc Hazout |
| Marc Hazout Executive Chairman, President and Chief Executive Officer |
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