Item 1.01 Entry into a Material Agreement
Purchase and Sale Agreement
On
The Company is the indirect owner of the real estate registered in the Real Estate Property Registry, Alajuela Section, located in Toro Amarillo, 12th County (Sarchí) of the Province of Alajuela (the "Property"). The Property contains a Hydroelectric plant and Bitcoin Hosting and mining operating business as well as the dam/plant generating facilities, and has been issued certain permits to conduct such activities by the local authorities (the "Business").
The Property was deposited in a
Simultaneously with the closing, the Company and Poas will cause the Bank Loan to be assumed by Poas Energía Sociedad Anonima, a Costa Rican corporation, an affiliate of Seller, which will result in (i) the Company being fully released from all obligations related to the Bank Loan, (ii) the termination of all documents to which the Company is a party that secures the Bank Loan, and (iii) the Property being released from the Trust so that the Company owns good and indefeasible title thereto (collectively, the "Bank Loan Assumption").
The Company was valued by the Seller and Purchaser at
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Loan Agreement
In consideration for Poas assuming the Bank Loan and the Bank Loan Assumption,
the Company will enter into a new loan with Poas, in the principal amount of
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Loan Agreement, which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
On
Upon payment of the Purchase Price, the Bank Loan Assumption by Poas occurred
and the Company took good and indefeasible title to the Property. Shortly
thereafter, the Company entered into the Loan Agreement with Poas. Pursuant to
the Loan Agreement and the granting of the New Loan, the Property was placed
into the
The description of the Purchased Equity, the Property, the Business, the Bank Loan Assumption, and New Loan, included in Item 1.01 of this Current Report on Form 8-K, is incorporated by reference in this Item 2.01.
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Item 2.03 Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant
On
Under the terms of the Secured Note, (a) the Company and Evans restructured (i)
the Subordinated Promissory Note, dated
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Secured Note, which is filed as Exhibit 10.3 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On
On
The information furnished pursuant to this Item 7.01 and the accompanying Exhibits 99.1 and 99.2 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, the information in this Item 7.01 and Exhibits 99.1 and 99.2 (i) will not be deemed an admission as to the materiality of any information herein (including Exhibits 99.1 and 99.2) and (ii) is not to be incorporated by reference into any filings of the Company.
Item 8.01 Other Events.
On
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description of Exhibit 10.1 Purchase and Sale Agreement, effectiveJanuary 9, 2023 , among Central American Green Inc.,CryptoRica, LLC , Toro Energía S.A., and Poas Energía S.A.. 10.2 Loan Agreement, datedJanuary 11, 2023 , between Poas Energía S.A. and Toro Energía S.A. 10.3 Secured Promissory Note, datedJanuary 9, 2023 , as amended and restated onJanuary 10, 2023 , betweenGeneration Hemp, Inc. and Gary C. Evans. 99.1 Press Release dated Janaury 12, 2023 of the Company 99.2 Press Release datedJanuary 18, 2023 of the Company 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 4
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