secwatch.observer — SEC 8-K summary
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Issuer:     Laredo Oil, Inc. (LRDC)
CIK:        0001442492
Form:       8-K
Filed at:   2022-06-03T23:59:59+00:00
Accession:  0001199835-22-000356
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Laredo Oil enters up to $1.5M revolving credit facility with AEI Management at 8.75% interest
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- Maximum draw $1.5M; advances limited to $150k per 30-day period.
- Interest rate 8.75% per annum, maturity May 1, 2023.
- Lender may convert outstanding principal and interest into common stock at a 20% discount to market (if listed) or at par if not listed.
- Conversion capped at 4.99% beneficial ownership; no collateral or guarantees provided.
- Lender consent required for dividends, additional debt, asset sales, and changes of control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000356/0001199835-22-000356-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000356/laredo_8k.htm
  HTML page:      https://secwatch.observer/filing/0001199835-22-000356

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