UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Section 1— Registrant’s Business and Operations
Item 1.01 | Entry into a Material Definitive Agreement. |
On October 26, 2022, Laredo Oil, Inc. (the “Company”) borrowed $150,000.00 from Bradley E. Sparks, the Company’s Chief Financial Officer and a director of the Company. The loan from Mr. Sparks was made pursuant to a promissory note, which is payable upon demand and is secured by a pledge by the Company of all of its interests in Lustre Oil Company LLC, a wholly owned subsidiary of the Company (“Lustre”). In connection with the loan from Mr. Sparks, the Company executed a Demand Promissory Note, which is payable upon demand by Mr. Sparks (the “Note”), and a Pledge Agreement, under which the Company pledged all of its interests in Lustre (the “Pledge Agreement”). The Pledge Agreement provides, among other things, for the Company to assign to Sparks all of the Company’s interests in Lustre if the Company cannot make payment on the Note after demand for payment by Mr. Sparks. The Note and Pledge Agreement were each approved by the uninterested members of the Company’s Board of Directors. The descriptions of the Note and the Pledge Agreement herein do not purport to be complete and are qualified in their entirety by reference to Exhibit 10.1 and Exhibit 10.2.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) | Exhibits |
Exhibit No. |
Description |
10.1 | Demand Promissory Note dated October 26, 2022. |
10.2 | Membership Interest Pledge Agreement dated October 26, 2022. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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.
Laredo Oil, Inc. | ||
By: | /s/ Mark See | |
Name: | Mark See | |
Title: | Chief Executive Officer |
Dated: October 28, 2022
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