Laredo Oil borrows $150K from CFO, secured by subsidiary interests

Laredo Oil, Inc.

CFO Bradley E. Sparks lends company $150,000 via demand promissory note at 10% interest.
Loan secured by pledge of all membership interests in wholly owned subsidiary Lustre Oil Company LLC.
If company fails to repay on demand, Sparks can take ownership of Lustre.
Uninterested board members approved the note and pledge agreement.
Loan is payable on demand; no fixed maturity date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Laredo Oil, Inc. entered into Demand Promissory Note and Pledge Agreement with Bradley E. Sparks valued at $150,000.00 (effective 2022-10-26).

Action: entry
Agreement: credit facility
Counterparty: Bradley E. Sparks
Value: $150,000.00
Effective: 2022-10-26

Exact text from the filing

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.

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Laredo Oil, Inc. filing history →

Source: SEC EDGAR

accession 0001199835-22-000611

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