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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR>
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center">Date of Report (Date of earliest event reported): <B>June 28, 2012</B></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B><U>BIO NITROGEN CORPORATION </U>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">Exact name of registrant as specified in its charter</TD></TR>
</TABLE>
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    <TD STYLE="width: 33%; font-weight: bold; text-decoration: underline; text-align: center; vertical-align: top">New Jersey</TD>
    <TD STYLE="width: 34%; font-weight: bold; text-decoration: underline; text-align: center; vertical-align: top">33-36670</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-decoration: underline; text-align: center; vertical-align: top">22-3061278</TD></TR>
<TR>
    <TD STYLE="font-style: italic; text-align: center; vertical-align: top">(State or other jurisdiction of<BR>
incorporation)</TD>
    <TD STYLE="font-style: italic; text-align: center; vertical-align: top">(Commission File Number)</TD>
    <TD STYLE="font-style: italic; text-align: center; vertical-align: top">(IRS Employer Identification<BR>
No.)</TD></TR>
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<TR>
    <TD STYLE="width: 71%; font-weight: bold; text-decoration: underline; text-align: center"><B><U>8725 NW 18<SUP>th</SUP> Terrace, Suite 105</U></B></TD>
    <TD ROWSPAN="2" STYLE="width: 29%; font-weight: bold; text-decoration: underline; text-align: center; vertical-align: bottom">33172-2629</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center">Doral, Florida</TD></TR>
<TR>
    <TD STYLE="font-style: italic; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-style: italic; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; font-weight: bold; text-decoration: underline; text-align: center">(305) 418-8545</TD></TR>
<TR>
    <TD STYLE="font-style: italic; text-align: center">Registrant&rsquo;s telephone number, including area code</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center">n/a</TD></TR>
<TR>
    <TD STYLE="font-style: italic; text-align: center">(Former name or former address, if changed since last report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2012, Bio Nitrogen Corporation
(the &ldquo;Company&rdquo;) entered into subscription agreements (&ldquo;the Subscription Agreement&rdquo;) for the purchase of
subscription receipts (the &ldquo;Subscription Receipts&rdquo;) in a private placement transaction among certain non-United States
investors and in the United States to accredited investors under Rule 501(a) of Regulation D under the U.S. Securities Act of 1933,
as amended (the &ldquo;Investors&rdquo;) at a price of $1,000 per Subscription Receipt. Each Subscription Receipt is automatically
exchangeable into one unit (a &ldquo;Unit&rdquo;) upon the satisfaction of the Escrow Release Conditions under the Subscription
Agreement.. Each Unit is comprised of a 12% convertible debenture (the &ldquo;Convertible Debentures) and one warrant (each, a
&ldquo;Warrant&rdquo;). Each Warrant entitles the holder to purchase 25,000 common shares of the Company at a price of $0.06 per
common share on or before June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Subscription
Agreement, the Company was required to execute a security agreement (the &ldquo;Security Agreement&rdquo;) in favor of B Group
LLC, acting as collateral agent for the Investors in connection with the Company&rsquo;s obligations under the Subscription Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 25, 2012<B> </B>the Escrow Release
Conditions under the Subscription Agreements were satisfied and the Company issued a $400,000 12% Convertible Debenture and 400<B>
</B>Warrants to purchase common shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Convertible Debenture is due June 30,
2013 (the &ldquo;Maturity Date&rdquo;). Until the Convertible Debenture is no longer outstanding, the Investors shall have the
right, at their option, at any time and from time to time, including the period during which the Investor has received a Prepayment
Notice (as defined under the Convertible Debenture), and prior to 5:00 p.m. on the Maturity Date to convert (subject to adjustment
as provided in the Convertible Debenture) the principal amount and all accrued and unpaid interest, in whole or in part, into common
shares of the Company at the conversion price of $0.03 per common share, provided that the Company receives notice from the Investor
of the Investors election to so convert. Further, if either a &ldquo;Change of Control Event&rdquo; or &ldquo;Key Person&rdquo;
event (as defined under the Convertible Debenture) occurs, the Company shall provide the Investors with the option of repayment
or conversion of the Convertible Debenture into common shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest is payable on the outstanding
balance at the rate equal to 12% per annum and calculated and payable semi-annually in arrears. The Company, in its discretion,
may satisfy its obligation to pay interest on the outstanding balance of the principal amount in cash or by issuing common shares
of the Company to the Investors at a price per share equal to 80% volume-weighted average trading price of the common shares for
the 10 trading days immediately preceding the applicable semi-annual interest payment date, or such higher price as any regulatory
body shall require. The Company also retains the right of prepayment subject to certain requirements under the terms of the Convertible
Debenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing is a summary of the consummation
of the private placement and not a complete discussion thereof. Accordingly, the foregoing is qualified in its entirety by reference
to the full text of each of the forms of Subscription Agreement, Security Agreement, Convertible Debenture and Warrant and are
attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4<B> </B>respectively, and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2012, the Company issued a
press release regarding the issuance of the Convertible Debenture. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information set forth in Item 1.01
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disclosure set forth in Item 1.01 to
this Current Report is incorporated into this item by reference. The Company&rsquo;s issuance of the Convertible Debentures and
Warrants have been made in reliance upon the exemption from registration for non-public offerings under Rule 506 of Regulation
D under the U.S. Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-left: 0in; text-align: justify"><B>Item 9.01&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; font-weight: bold; border-bottom: Black 1pt solid">Exhibit<BR>
No.</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 92%; font-weight: bold; border-bottom: Black 1pt solid">Description</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">10.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Subscription Agreement</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">10.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Security Agreement</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">10.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of 12% Convertible Debenture due June 30, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">10.4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;Form of Warrant</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">99.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Press Release dated June 28, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BIO NITROGEN CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"><FONT STYLE="font-size: 10pt">Dated: <B>July 5, 2012</B></FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 40%; font-style: italic; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/Carlos A. Contreras, Sr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Carlos A. Contreras, Sr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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{"company-data": {"conformed-name": "Bio Nitrogen Corp", "cik": "0001015979", "assigned-sic": "5040", "irs-number": "223061278", "state-of-incorporation": "NJ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-06835", "film-number": "12948592"}, "business-address": {"street1": "8725 NW 18TH TERRACE, SUITE 105", "city": "DORAL", "state": "FL", "zip": "33172-2629", "phone": "305-418-8545"}, "mail-address": {"street1": "8725 NW 18TH TERRACE, SUITE 105", "city": "DORAL", "state": "FL", "zip": "33172-2629"}, "former-company": [{"former-conformed-name": "HIDENET SECURE ARCHITECTURES INC", "date-changed": "19991104"}, {"former-conformed-name": "SAVIN ELECTRONICS INC", "date-changed": "19960604"}]}
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):
June 28, 2012
BIO NITROGEN CORPORATION
Exact name of registrant as specified in its charter
New Jersey
33-36670
22-3061278
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification
No.)
8725 NW 18
th
Terrace, Suite 105
33172-2629
Doral, Florida
(Address of principal executive offices)
(Zip Code)
(305) 418-8545
Registrant's telephone number, including area code
n/a
(Former name or former address, if changed since last report)
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
In June 2012, Bio Nitrogen Corporation
(the "Company") entered into subscription agreements ("the Subscription Agreement") for the purchase of
subscription receipts (the "Subscription Receipts") in a private placement transaction among certain non-United States
investors and in the United States to accredited investors under Rule 501(a) of Regulation D under the U.S. Securities Act of 1933,
as amended (the "Investors") at a price of $1,000 per Subscription Receipt. Each Subscription Receipt is automatically
exchangeable into one unit (a "Unit") upon the satisfaction of the Escrow Release Conditions under the Subscription
Agreement.. Each Unit is comprised of a 12% convertible debenture (the "Convertible Debentures) and one warrant (each, a
"Warrant"). Each Warrant entitles the holder to purchase 25,000 common shares of the Company at a price of $0.06 per
common share on or before June 30, 2015.
Pursuant to the terms of the Subscription
Agreement, the Company was required to execute a security agreement (the "Security Agreement") in favor of B Group
LLC, acting as collateral agent for the Investors in connection with the Company's obligations under the Subscription Agreements.
On June 25, 2012
the Escrow Release
Conditions under the Subscription Agreements were satisfied and the Company issued a $400,000 12% Convertible Debenture and 400
Warrants to purchase common shares of the Company.
The Convertible Debenture is due June 30,
2013 (the "Maturity Date"). Until the Convertible Debenture is no longer outstanding, the Investors shall have the
right, at their option, at any time and from time to time, including the period during which the Investor has received a Prepayment
Notice (as defined under the Convertible Debenture), and prior to 5:00 p.m. on the Maturity Date to convert (subject to adjustment
as provided in the Convertible Debenture) the principal amount and all accrued and unpaid interest, in whole or in part, into common
shares of the Company at the conversion price of $0.03 per common share, provided that the Company receives notice from the Investor
of the Investors election to so convert. Further, if either a "Change of Control Event" or "Key Person"
event (as defined under the Convertible Debenture) occurs, the Company shall provide the Investors with the option of repayment
or conversion of the Convertible Debenture into common shares of the Company.
Interest is payable on the outstanding
balance at the rate equal to 12% per annum and calculated and payable semi-annually in arrears. The Company, in its discretion,
may satisfy its obligation to pay interest on the outstanding balance of the principal amount in cash or by issuing common shares
of the Company to the Investors at a price per share equal to 80% volume-weighted average trading price of the common shares for
the 10 trading days immediately preceding the applicable semi-annual interest payment date, or such higher price as any regulatory
body shall require. The Company also retains the right of prepayment subject to certain requirements under the terms of the Convertible
Debenture.
The foregoing is a summary of the consummation
of the private placement and not a complete discussion thereof. Accordingly, the foregoing is qualified in its entirety by reference
to the full text of each of the forms of Subscription Agreement, Security Agreement, Convertible Debenture and Warrant and are
attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4
respectively, and incorporated by reference.
On June 28, 2012, the Company issued a
press release regarding the issuance of the Convertible Debenture. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated by reference.
Item 2.03   Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01
is incorporated by reference herein.
Item 3.02   Unregistered Sales of Equity Securities.
The disclosure set forth in Item 1.01 to
this Current Report is incorporated into this item by reference. The Company's issuance of the Convertible Debentures and
Warrants have been made in reliance upon the exemption from registration for non-public offerings under Rule 506 of Regulation
D under the U.S. Securities Act of 1933, as amended.
Item 9.01   Financial
Statements and Exhibits
Exhibit
No.
Description
10.1
Form of Subscription Agreement
10.2
Form of Security Agreement
10.3
Form of 12% Convertible Debenture due June 30, 2013
10.4
Form of Warrant
99.1
Press Release dated June 28, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BIO NITROGEN CORPORATION
Dated:
July 5, 2012
By:
/s/Carlos A. Contreras, Sr.
Name:
Carlos A. Contreras, Sr.
Title:
President and Chief Executive Officer