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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES </B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>FORM 8-K</B></FONT></P>
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<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</FONT></P>
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<P id=PARA9 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported) </FONT></P></TD>
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<P id=PARA10 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>January 21, 2015</B></FONT></P></TD></TR>
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<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>DEL TORO SILVER CORP.</B></FONT></P></TD></TR>
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<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P></TD></TR>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Nevada</B></FONT></P></TD>
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<P id=PARA14 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>000-524</B><B>9</B><B>9</B></FONT></P></TD>
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<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>98-0515290</B></FONT></P></TD></TR>
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<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction of</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> incorporation)</FONT></P></TD>
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<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Commission File Number)</FONT></P></TD>
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<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification&nbsp;No.)</FONT></P></TD></TR>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>320 North Carson Street, Carson City, Nevada</B><B>, 89710</B></FONT></P></TD></TR>
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<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices)</FONT></P></TD>
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<P id=PARA22 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code</FONT></P></TD>
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<P id=PARA23 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>775.782.3999</B></FONT></P></TD></TR>
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<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>N/A</B></FONT></P></TD></TR>
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<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last report.)</FONT></P></TD></TR></TABLE>
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<P id=PARA27 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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: </FONT></P>
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<P id=PARA29 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>
<P id=PARA31 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>
<P id=PARA32 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b)) </FONT></P>
<P id=PARA33 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c)) </FONT></P>
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<P id=PARA35 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.01</B></FONT></P></TD>
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<P id=PARA36 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Entry into a Material Definitive Agreement</B></FONT></P></TD></TR>
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<P id=PARA37 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.02</B></FONT></P></TD>
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<P id=PARA38 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Unregistered Sales of Equity Securities</B></FONT></P></TD></TR>
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<P id=PARA39 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 7.01</B></FONT></P></TD>
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<P id=PARA40 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Regulation FD Disclosure</B></FONT></P></TD></TR></TABLE>
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<P id=PARA42 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On January 21, 2015, Del Toro Silver Corp. (the &#8220;<B>Company</B>&#8221;) issued 1,230,769 common shares in the capital of the Company. The securities were issued in connection with the conversion of a portion of a $51,500 convertible note dated October 21, 2013. The Company issued the securities to one (1) U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.</FONT></P>
<P id=PARA44 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA45 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On March 20, 2015, the Company entered into amended and updated consulting agreements, effective September 1, 2013 (the termination date of the previous consulting agreements), with Greg Painter to serve as the Company&#8217;s Chief Executive Officer and President (the &#8220;<B>Painter Agreement</B>&#8221;) and Patrick Fagen to serve as the Company&#8217;s Chief Financial Officer (the &#8220;<B>Fagen Agreement</B>&#8221;).&nbsp;&nbsp;Mr. Painter and Mr. Fagen are also the sole directors of the Company.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA84.2 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;- 2 -</FONT></P>
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<P id=PARA47 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the Painter Agreement, Mr. Painter&#8217;s compensation is $10,000 per month. The compensation shall accrue and interest shall accrue on the unpaid balance of the cash portion at the rate of 5% per annum.&nbsp;&nbsp;At the end of each six month period from the effective date of the Painter Agreement, Mr. Painter may elect to have all </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">or any part of the accrued and unpaid compensation, including unpaid interest, payable in common shares of the Company based on the conversion price of 80% of the average closing prices for the five trading days prior to the end of such six month period, but under no circumstances shall the conversion rate be less than one cent per share.&nbsp;&nbsp;The term of the Painter Agreement is until February 28, 2014 and is successively automatically renewed for six month terms unless terminated pursuant to its terms.</FONT></P>
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA49 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the Fagen Agreement, Mr. Fagen&#8217;s compensation is $7,000 per month. The compensation shall accrue and interest shall accrue on the unpaid balance of the cash portion at the rate of 5% per annum.&nbsp;&nbsp;At the end of each six month period from the effective date of the Fagen Agreement, Mr. Fagen may elect to have all </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">or any part of the accrued and unpaid compensation, including unpaid interest, payable in common shares of the Company based on the conversion price of 80% of the average closing prices for the five trading days prior to the end of such six month period, but under no circumstances shall the conversion rate be less than one cent per share.&nbsp;&nbsp;The term of the Fagen Agreement is until February 28, 2014 and is successively automatically renewed for six month terms unless terminated pursuant to its terms.</FONT></P>
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<P id=PARA51 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Also on March 20, 2015, the Company entered into an Amending Agreement with Shawn Pennington (the &#8220;<B>Amending Agreement</B>&#8221;), pursuant to which the Company amended certain provisions of the Convertible Loan Agreement with Shawn Pennington dated September 20, 2013 for the sum of $50,000 (the &#8220;<B>Loan Agreement</B>&#8221;), which was advanced to the Company on September 20, 2013 and due and payable one full year from the date of advancement. The loan bears interest at 8% per annum. Under the Loan Agreement, </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">at any time after the advancement date,<B> </B>Mrs. Pennington may, by written notice to the Company, exercise her rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares the Company, at the price of $0.05 per share. </FONT></P>
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<P id=PARA53 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Under the Amending Agreement, the terms of the Loan Agreement were amended so that at any time after the advancement date, Mrs. Pennington may, by written notice to the Company, exercise her rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of $0.01 per share. All other terms and conditions of the Loan Agreement remain in full force and effect.</FONT></P>
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<P id=PARA55 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On March 24, 2015, the Company entered into a Convertible Loan Agreement with Patrick Fagen, a director and officer of the Company (the &#8220;<B>Convertible Loan Agreement</B>&#8221;). Under the terms of the Convertible Loan Agreement, Mr. Fagen has agreed to loan the Company the sum of US$7,500, which was advanced to the Company on March 24, 2015. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the Company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of US$0.0021 per share. The loan shall bear interest at a rate of 8% per annum.</FONT></P>
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<P id=PARA58 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01</B></FONT></P></TD>
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<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Financial Statements and Exhibits</B></FONT></P></TD></TR>
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<P id=PARA60 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
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<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consulting Agreement with Greg Painter dated March 20, 2015.</FONT></P></TD></TR>
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<P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
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<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consulting Agreement with Patrick Fagen dated March 20, 2015.</FONT></P></TD></TR>
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<P id=PARA64 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.3</FONT></P></TD>
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<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Convertible Loan Agreement with Patrick Fagen dated March 24, 2015</FONT></P></TD></TR></TABLE>
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<P id=PARA70 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
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<P id=PARA71 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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 hereunto duly authorized.</FONT></P>
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<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>DEL TORO SILVER CORP.</B></FONT></P></TD></TR>
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<P id=PARA76 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>/s/ Greg Painter</I></FONT></P></TD></TR>
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<P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Greg Painter</FONT></P></TD></TR>
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<P id=PARA78 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">President, Chief Executive Officer, Secretary, Treasurer and Director</FONT></P></TD></TR>
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<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">March 24, 2015</FONT></P></TD></TR></TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "dtor20150324_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 25927}]
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dtor20150324_8k.htm
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)
January 21, 2015
DEL TORO SILVER CORP.
(Exact name of registrant as specified in its charter)
Nevada
000-524
9
9
98-0515290
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
320 North Carson Street, Carson City, Nevada
, 89710
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
775.782.3999
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
Item 3.02
Unregistered Sales of Equity Securities
Item 7.01
Regulation FD Disclosure
On January 21, 2015, Del Toro Silver Corp. (the "
Company
") issued 1,230,769 common shares in the capital of the Company. The securities were issued in connection with the conversion of a portion of a $51,500 convertible note dated October 21, 2013. The Company issued the securities to one (1) U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.
On March 20, 2015, the Company entered into amended and updated consulting agreements, effective September 1, 2013 (the termination date of the previous consulting agreements), with Greg Painter to serve as the Company's Chief Executive Officer and President (the "
Painter Agreement
") and Patrick Fagen to serve as the Company's Chief Financial Officer (the "
Fagen Agreement
").  Mr. Painter and Mr. Fagen are also the sole directors of the Company.
- 2 -
Pursuant to the Painter Agreement, Mr. Painter's compensation is $10,000 per month. The compensation shall accrue and interest shall accrue on the unpaid balance of the cash portion at the rate of 5% per annum.  At the end of each six month period from the effective date of the Painter Agreement, Mr. Painter may elect to have all
or any part of the accrued and unpaid compensation, including unpaid interest, payable in common shares of the Company based on the conversion price of 80% of the average closing prices for the five trading days prior to the end of such six month period, but under no circumstances shall the conversion rate be less than one cent per share.  The term of the Painter Agreement is until February 28, 2014 and is successively automatically renewed for six month terms unless terminated pursuant to its terms.
Pursuant to the Fagen Agreement, Mr. Fagen's compensation is $7,000 per month. The compensation shall accrue and interest shall accrue on the unpaid balance of the cash portion at the rate of 5% per annum.  At the end of each six month period from the effective date of the Fagen Agreement, Mr. Fagen may elect to have all
or any part of the accrued and unpaid compensation, including unpaid interest, payable in common shares of the Company based on the conversion price of 80% of the average closing prices for the five trading days prior to the end of such six month period, but under no circumstances shall the conversion rate be less than one cent per share.  The term of the Fagen Agreement is until February 28, 2014 and is successively automatically renewed for six month terms unless terminated pursuant to its terms.
Also on March 20, 2015, the Company entered into an Amending Agreement with Shawn Pennington (the "
Amending Agreement
"), pursuant to which the Company amended certain provisions of the Convertible Loan Agreement with Shawn Pennington dated September 20, 2013 for the sum of $50,000 (the "
Loan Agreement
"), which was advanced to the Company on September 20, 2013 and due and payable one full year from the date of advancement. The loan bears interest at 8% per annum. Under the Loan Agreement,
at any time after the advancement date,
Mrs. Pennington may, by written notice to the Company, exercise her rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares the Company, at the price of $0.05 per share.
Under the Amending Agreement, the terms of the Loan Agreement were amended so that at any time after the advancement date, Mrs. Pennington may, by written notice to the Company, exercise her rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of $0.01 per share. All other terms and conditions of the Loan Agreement remain in full force and effect.
On March 24, 2015, the Company entered into a Convertible Loan Agreement with Patrick Fagen, a director and officer of the Company (the "
Convertible Loan Agreement
"). Under the terms of the Convertible Loan Agreement, Mr. Fagen has agreed to loan the Company the sum of US$7,500, which was advanced to the Company on March 24, 2015. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the Company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the Company, at the price of US$0.0021 per share. The loan shall bear interest at a rate of 8% per annum.
Item 9.01
Financial Statements and Exhibits
10.1
Consulting Agreement with Greg Painter dated March 20, 2015.
10.2
Consulting Agreement with Patrick Fagen dated March 20, 2015.
10.3
Convertible Loan Agreement with Patrick Fagen dated March 24, 2015
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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 hereunto duly authorized.
DEL TORO SILVER CORP.
/s/ Greg Painter
Greg Painter
President, Chief Executive Officer, Secretary, Treasurer and Director
Date:
March 24, 2015