Verde Resources, Inc 8-K/A, filed Sep 13, 2022
Verde Resources, Inc. (VRDR)
About this 8-K/A
Verde Resources, Inc filed this 8-K/A on September 13, 2022, reporting on events of February 10, 2022.
Items reported
- Item 1.01: Entered into a material agreement
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Introductory Note
We are filing this Current Report on Form 8-K/A to update Item 1.01 of the Report regarding Commercial Lease Agreement and Option to Purchase (the “Lease Agreement”) to rent a 24-acre property in La Belle from Jon Neal Simmons and Betty Jo Simmons (the “Landlord”) which was originally filed on Form 8-K to SEC on February 15, 2022.
Item 1.01 Entry into a Material Definitive Agreement
On February 10, 2022, Verde Resources, Inc. (the “Company”), through Verde Estates LLC (“VEL”), a limited liability company incorporated in the State of Missouri, which is a wholly-owned subsidiary of the Company’s wholly-owned subsidiary, Verde Renewables, Inc., entered into a Commercial Lease Agreement and Option to Purchase (the “Lease Agreement”) to rent a 24-acre property in La Belle from Jon Neal Simmons and Betty Jo Simmons (the “Landlord”) in order to kickstart carbon farming with biochar in Missouri.
Under the Lease Agreement, the term of the lease will be for a period of two (2) years and the Company will have the right to renew the lease with a total of three renewal periods with each term being two years. The base rent is ten thousand dollars ($10,000) for the term, payable on the commencement of the Lease Agreement. The Lease Agreement also grants the Company the exclusive right and option to purchase the premises together with all the right title and interest from the Landlord for a consideration of four hundred ninety thousand dollar ($490,000) at any time during the two years period of the lease term. The Company has paid to the Landlord a security deposit of the sum of two hundred forty thousand dollars ($240,000) prior to the execution of the Lease Agreement. If the Company does not exercise the option to renew the lease or the option to purchase the premises from the Landlord, the security deposit shall be returned to the Company.
On September 12, 2022, the Company through VEL entered into a First Amendment to Commercial Lease Agreement and Option to Purchase (the “1st Amendment to Lease Agreement”) with the Landlord to replace Clause XVI (2) of the Lease Agreement in its entirety to now read as follows:
Before or after the Landlord successfully subdivides the Gymnasium, the Landlord shall give the Tenant the exclusive option to purchase the Gymnasium for a sum of Forty Thousand Dollars ($40,000.00) and 180,000 newly issued Verde Resources Inc (VRDR) shares. Tenant may have until December 31, 2022, to execute this option.
Item 9.01 Financial Statements and Exhibits
Exhibits.
| First Amendment to Commercial Lease Agreement and Option to Purchase |
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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.
VERDE RESOURCES, INC.
/s/ Balakrishnan B S Muthu |
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Balakrishnan B S Muthu |
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President, and Director |
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Date: _September 13, 2022 |
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EXHIBIT 99.1
