Date of Report (Date of earliest event reported) March 10, 2014 |
PACIFIC GREEN TECHNOLOGIES INC.
|
|||||
(Exact name of registrant as specified in its charter)
|
Delaware
|
000-54756
|
n/a
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
5205 Prospect Road, Suite 135-226, San Jose, CA
|
95129
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code (408) 538-3373 |
n/a
|
|||||
(Former name or former address, if changed since last report.)
|
Item 1.01
|
Entry into Material Definitive Agreement
|
Item 3.02
|
Unregistered Sales of Equity Securities
|
Item 9.01
|
Financial Statements and Exhibits
|
10.1
|
Form of Subscription Agreement between our company and the Subscriber.
|
PACIFIC GREEN TECHNOLOGIES INC.
|
/s/ Neil Carmichael
|
Neil Carmichael
|
President and Director
|
Date: March 11, 2014 |
1.
|
COMPLETE
the information on page 2 of this Subscription Agreement.
|
Shares
|
TO:
|
PACIFIC GREEN TECHNOLOGIES INC.
(the “
Company
”)
|
1.
|
SUBSCRIPTION
|
2.
|
PAYMENT
|
3.
|
CLOSING
|
4.
|
ACKNOWLEDGEMENTS OF SUBSCRIBER
|
4.1
|
The Subscriber acknowledges and agrees that:
|
|
(a)
|
none of the Securities have been registered under the Securities Act of 1933, as amended (the “
1933 Act
”), or under any state securities or “blue sky” laws of any state of the United States, and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act, and, unless so registered, may not be offered or sold in the United States or to U.S. Persons (as defined herein), except pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act, and in each case only in accordance with applicable state and provincial securities laws;
|
|
(b)
|
the Company will refuse to register any transfer of any of the Securities not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act;
|
|
(c)
|
the decision to execute this Subscription Agreement and purchase the Shares agreed to be purchased hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Company;
|
|
(d)
|
the Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to review the Company Information and to ask questions of and receive answers from the Company regarding the Offering, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort or expense, necessary to verify the accuracy of the information contained in the Company Information, or any other document provided to the Subscriber;
|
|
(e)
|
the books and records of the Company were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the Subscriber during reasonable business hours at its principal place of business and that all documents, records and books pertaining to this Offering have been made available for inspection by the Subscriber, the Subscriber’s attorney and/or advisor(s);
|
|
(f)
|
by execution hereof the Subscriber has waived the need for the Company to communicate its acceptance of the purchase of the Shares pursuant to this Subscription Agreement;
|
|
(g)
|
the Company is entitled to rely on the representations and warranties and the statements and answers of the Subscriber contained in this Subscription Agreement and the Subscriber will hold harmless the Company from any loss or damage it may suffer as a result of the Subscriber’s failure to correctly complete this Subscription Agreement;
|
|
(h)
|
the Subscriber will indemnify and hold harmless the Company and, where applicable, its respective directors, officers, employees, agents, advisors and shareholders from and against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any acknowledgment, representation or warranty of the Subscriber contained herein or in any other document furnished by the Subscriber to the Company in connection herewith, being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber to the Company in connection therewith;
|
|
(i)
|
the issuance and sale of the Shares to the Subscriber will not be completed if it would be unlawful or if, in the discretion of the Company acting reasonably, it is not in the best interests of the Company;
|
|
(j)
|
the Subscriber has been advised to consult the Subscriber’s own legal, tax and other advisors with respect to the merits and risks of an investment in the Securities and with respect to the applicable resale restrictions, and it is solely responsible (and the Company is not in any way responsible) for compliance with:
|
|
(i)
|
any applicable laws of the jurisdiction in which the Subscriber is resident in connection with the distribution of the Securities hereunder, and
|
|
(ii)
|
applicable resale restrictions;
|
|
(k)
|
the Subscriber has not acquired the Shares as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of any of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of any of the Shares pursuant to registration of any of the Shares pursuant to the 1933 Act and any applicable state securities laws or under an exemption from such registration requirements and as otherwise provided herein;
|
|
(l)
|
the Subscriber is outside the United States when receiving and executing this Subscription Agreement and is acquiring the Shares as principal for its own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Shares;
|
|
(m)
|
the statutory and regulatory basis for the exemption claimed for the offer and sale of the Shares, although in technical compliance with Regulation S, would not be available if the offering is part of a plan or scheme to evade the registration provisions of the 1933 Act;
|
|
(n)
|
none of the Securities are listed on any stock exchange or automated dealer quotation system and no representation has been made to the Subscriber that any of the Securities will become listed on any stock exchange or automated dealer quotation system;
|
|
(o)
|
neither the SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of any of the Securities;
|
|
(p)
|
no documents in connection with this Offering have been reviewed by the SEC or any state securities administrators;
|
|
(q)
|
there is no government or other insurance covering any of the Securities; and
|
|
(r)
|
this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Company, and the Subscriber acknowledges and agrees that the Company reserves the right to reject any subscription for any reason.
|
5.
|
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SUBSCRIBER
|
|
(a)
|
the Subscriber is not a U.S. Person (as defined herein);
|
|
(b)
|
the Subscriber is not acquiring the Shares for the account or benefit of, directly or indirectly, any U.S. Person (as defined herein);
|
|
(c)
|
the Subscriber is resident in the jurisdiction set out on page 2 of this Subscription Agreement;
|
|
(d)
|
the Subscriber:
|
|
(i)
|
is knowledgeable of, or has been independently advised as to, the applicable securities laws of the securities regulators having application in the jurisdiction in which the Subscriber is resident (the “
International Jurisdiction
”) which would apply to the acquisition of the Shares,
|
|
(ii)
|
is purchasing the Shares pursuant to exemptions from prospectus or equivalent requirements under applicable securities laws or, if such is not applicable, the Subscriber is permitted to purchase the Shares under the applicable securities laws of the securities regulators in the International Jurisdiction without the need to rely on any exemptions,
|
|
(iii)
|
acknowledges that the applicable securities laws of the authorities in the International Jurisdiction do not require the Company to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the International Jurisdiction in connection with the issue and sale or resale of any of the Securities, and
|
|
(iv)
|
represents and warrants that the acquisition of the Shares by the Subscriber does not trigger:
|
|
A.
|
any obligation to prepare and file a prospectus or similar document, or any other report with respect to such purchase in the International Jurisdiction, or
|
|
B.
|
any continuous disclosure reporting obligation of the Company in the International Jurisdiction, and
|
|
(e)
|
the Subscriber is acquiring the Shares as principal for investment only and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and, in particular, it has no intention to distribute either directly or indirectly any of the Securities in the United States or to U.S. Persons (as defined herein);
|
|
(f)
|
the Subscriber is outside the United States when receiving and executing this Subscription Agreement;
|
|
(g)
|
the Subscriber understands and agrees not to engage in any hedging transactions involving any of the Securities unless such transactions are in compliance with the provisions of the 1933 Act and in each case only in accordance with applicable state securities laws;
|
|
(h)
|
the Subscriber acknowledges that it has not acquired the Shares as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of any of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of any of the Shares pursuant to registration of any of the Shares pursuant to the 1933 Act and any applicable state securities laws or under an exemption from such registration requirements and as otherwise provided herein;
|
|
(i)
|
the Subscriber has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution and performance of this Subscription Agreement on behalf of the Subscriber;
|
|
(j)
|
the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or, if applicable, the constating documents of, the Subscriber, or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;
|
|
(k)
|
the Subscriber has duly executed and delivered this Subscription Agreement and it constitutes a valid and binding agreement of the Subscriber enforceable against the Subscriber;
|
|
(l)
|
the Subscriber has received and carefully read this Subscription Agreement;
|
|
(m)
|
the Subscriber (i) has adequate net worth and means of providing for its current financial needs and possible personal contingencies, (ii) has no need for liquidity in this investment, and (iii) is able to bear the economic risks of an investment in the Securities for an indefinite period of time, and can afford the complete loss of such investment;
|
|
(n)
|
the Subscriber has the requisite knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Securities and the Company, and the Subscriber is providing evidence of knowledge and experience in these matters;
|
|
(o)
|
the Subscriber understands and agrees that the Company and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties, covenants and agreements contained in this Subscription Agreement and agrees that if any of such acknowledgements, representations and agreements are no longer accurate or have been breached, the Subscriber shall promptly notify the Company;
|
|
(p)
|
the Subscriber is aware that an investment in the Company is speculative and involves certain risks, including the possible loss of the investment;
|
|
(q)
|
the Subscriber is purchasing the Shares for its own account for investment purposes only and not for the account of any other person and not for distribution, assignment or resale to others, and no other person has a direct or indirect beneficial interest is such Shares, and the Subscriber has not subdivided his interest in the Shares with any other person;
|
|
(r)
|
the Subscriber is not an underwriter of, or dealer in, the shares of the Company’s common stock, nor is the Subscriber participating, pursuant to a contractual agreement or otherwise, in the distribution of the Shares;
|
|
(s)
|
the Subscriber has made an independent examination and investigation of an investment in the Securities and the Company and has depended on the advice of its legal and financial advisors and agrees that the Company will not be responsible in anyway whatsoever for the Subscriber’s decision to invest in the Securities and the Company;
|
|
(t)
|
if the Subscriber is acquiring the Shares as a fiduciary or agent for one or more investor accounts, the Subscriber has sole investment discretion with respect to each such account, and the Subscriber has full power to make the foregoing acknowledgements, representations and agreements on behalf of such account;
|
|
(u)
|
the Subscriber is not aware of any advertisement of any of the Shares and is not acquiring the Shares as a result of any form of general solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;
|
|
(v)
|
no person has made to the Subscriber any written or oral representations:
|
|
(i)
|
that any person will resell or repurchase any of the Securities,
|
|
(ii)
|
that any person will refund the purchase price of any of the Securities,
|
|
(iii)
|
as to the future price or value of any of the Securities, or
|
|
(iv)
|
that any of the Securities will be listed and posted for trading on any stock exchange or automated dealer quotation system or that application has been made to list and post any of the Securities of the Company on any stock exchange or automated dealer quotation system; and
|
|
(w)
|
the Subscriber acknowledges and agrees that the Company shall not consider the Subscriber’s Subscription for acceptance unless the undersigned provides to the Company, along with an executed copy of this Subscription Agreement:
|
|
(i)
|
such other supporting documentation that the Company or its legal counsel may request to establish the Subscriber’s qualification as a qualified investor.
|
6.
|
ACKNOWLEDGEMENT AND WAIVER
|
7.
|
REPRESENTATIONS AND WARRANTIES WILL BE RELIED UPON BY THE COMPANY
|
8.
|
RESALE RESTRICTIONS
|
9.
|
LEGENDING AND REGISTRATION OF SUBJECT SECURITIES
|
10.
|
COLLECTION OF PERSONAL INFORMATION
|
11.
|
COSTS
|
12.
|
GOVERNING LAW
|
13.
|
SURVIVAL
|
14.
|
ASSIGNMENT
|
15.
|
SEVERABILITY
|
16.
|
ENTIRE AGREEMENT
|
17.
|
NOTICES
|
18.
|
COUNTERPARTS AND ELECTRONIC MEANS
|