Red Mile Entertainment Inc - Current report filing (8-K)
13 February 2008 - 9:12AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): February 11, 2008
Red Mile
Entertainment, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of
incorporation)
|
000-50814
(Commission
File
Number)
|
20-4441647
(IRS
Employer
Identification
Number)
|
4000
Bridgeway, Suite 101
Sausilito,
CA 94965
(Address
of principal executive offices) (Zip Code)
(415)
339-4240
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions:
|_|
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|_|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|_|
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
|
|_|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
|
Item
1.01. Entry Into A Material Definitive Agreement
On
February 11, 2008, Red Mile Entertainment, Inc. (the "Company") entered into an
uncommitted revolving line of credit agreement with Tiger Paw Capital
Corporation, a corporation owned and operated by Mr. Kenny Cheung, a member of
the Company’s Board Of Directors and the owner of approximately 9.4% of the
Company's outstanding common stock (“Lender”), in the amount of $1,000,000 ("The
Line"). The Line is available for working capital requirements. Any amounts
drawn on the Line are payable on demand but in no event later than 90 days from
the date each respective draw is made. The Line is an uncommitted obligation
where Lender may decline to make advances under the Line, or terminate the Line,
at any time and for any reason without prior notice to the
Company. The Line bears interest at the rate of 10% per annum and is
payable to Lender on demand. Advances under the Line may be pre-paid without
penalty. The line is secured by all present and future assets of the Company and
carries no financial or operating covenants.
Concurrent with the closing of the Line,
the Company entered into a promissory note agreement with Lender obligating the
company to pay Lender on demand the aggregate principal amount of the advances
made by Lender to Borrower pursuant to the Line.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The
information reported under Item 1.01 is incorporated herein by
reference
Item
9.01 Exhibits.
(d)
EXHIBITS - The following exhibit is filed
as part of this report:
|
|
Exhibit
No.
|
Description
|
10.1
|
Revolving
Line Of Credit Agreement
|
10.2
|
Promissory
Note
|
10.3
|
Security
Agreement
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
RED MILE ENTERTAINMENT,
INC.
Dated:
February 11,
2008
By:
/s/ Ben
Zadik
Ben
Zadik;
Chief
Financial Officer
Red Mile Entertainment (GM) (USOTC:RDML)
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