Summary of Amendment to Securities Purchase Agreement between Two Rivers Water & Farming Company and Powderhorn 1, LP
Two Rivers Water & Farming Company and Powderhorn 1, LP amended their Securities Purchase Agreement originally dated February 9, 2018. The amendment, agreed to on April 2, 2018, defers the deadline for the Company to have a registration statement for resale of shares by Powderhorn 1, LP declared effective by the SEC. The new deadline is May 8, 2018, contingent on a specified amortization payment. This change gives the Company additional time to meet its registration obligation under the agreement.
Exhibit 10.22(b)
SUMMARY OF AMENDMENT TO
SECURITIES PURCHASE AGREEMENT
Two Rivers Water & Farming Company, a Colorado corporation (the “Company”), and Powderhorn 1, LP, a Delaware limited partnership, are parties to a Securities Purchase Agreement dated February 9, 2018, pursuant to which the Company issued to the Powderhorn 1, LP a 12.5% original issue discount convertible promissory note in the principal amount of $675,000 in exchange for $600,000 in cash.
Pursuant to Section 4.1(a) of such securities purchase agreement, the Company was required to have a Registration Statement on Form S-1 for the registration of the resale by the Powderhorn 1, LP of the shares of the Company’s common stock issuable upon conversion of such note declared effective by the Securities and Exchange Commission by April 10, 2018.
On April 2, 2018, the parties agreed via email exchange, effective upon a specified amortization payment, to defer the Company’s obligation to have such Registration Statement declared effective until May 8, 2018.
