secwatch.observer — SEC 8-K summary
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Issuer:     Laredo Oil, Inc. (LRDC)
CIK:        0001442492
Form:       8-K
Filed at:   2022-07-05T23:59:59+00:00
Accession:  0001199835-22-000389
Event type: debt
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Laredo Oil secures $750k loan at 15% with revenue royalty, secured by Cat Creek interest
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- Principal $750,000 from Cali Fields LLC at 15% annual interest; due Dec 31, 2023.
- Quarterly revenue royalty of 0.5% on all hydrocarbon production revenue from June 2022 through May 2027.
- Loan secured by Laredo's 50% membership interest in Cat Creek Holdings LLC.
- Prepayment permitted without penalty; default rate increases to 18%.
- Funds used for general corporate purposes; no specific use stated.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000389/0001199835-22-000389-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1442492/000119983522000389/lrdc_8k.htm
  HTML page:      https://secwatch.observer/filing/0001199835-22-000389

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