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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:10pt Times New Roman;margin-top:2.25pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>UNITED STATES </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Washington, D.C. 20549 </B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin-top:4.5pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>FORM 8-K </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>CURRENT REPORT</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Pursuant to Section 13 or 15(d)</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Of the Securities Exchange Act of 1934</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Date of Report (Date of earliest event reported): April 6, 2018</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:18pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>MOUNT TAM BIOTECHNOLOGIES, INC. </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(Exact name of registrant as specified in its charter) </B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>NEVADA</B></FONT></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'><B>333-192060</B></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>45-3797537</B></FONT></P>
</TD></TR>
<TR style=height:3.7pt><TD valign=middle><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(State or other jurisdiction&#160;of</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:0.75pt'><FONT style=font-size:10pt><B>incorporation or organization)</B></FONT></P>
</TD><TD valign=middle><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(Commission File Number)</B></FONT></P>
</TD><TD valign=middle><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(I.R.S. Employer</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:0.75pt'><FONT style=font-size:10pt><B>Identification Number)</B></FONT></P>
</TD></TR>
</TABLE>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>7250 Redwood Boulevard, Suite 300</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>Novato, California &nbsp;94925</B></FONT><FONT style=font-size:10pt><B> </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>(425) 214-4079</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B> </B></FONT>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(Address, including zip code, and telephone number, </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>including area code, of registrant&#8217;s principal executive offices) </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&#160;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>N/A</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>(Former name or former address, if changed since last report)</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&#160;</P>
<P style='font:10pt Times New Roman;margin: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;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'><FONT face=Wingdings>&#168;</FONT></P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'><FONT face=Wingdings>&#168;</FONT></P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'><FONT face=Wingdings>&#168;</FONT></P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'><FONT face=Wingdings>&#168;</FONT></P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&#160;&#160;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;color:#212121;background-color:#FFFFFF'><FONT style=color:#000000>&#160;</FONT>Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<TABLE align=center style=border-collapse:collapse;width:170.25pt;margin-left:-0.3pt><TR><TD valign=top style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>Emerging growth company &nbsp;&nbsp;&#9744;</P>
</TD><TD valign=top style=padding:1.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;color:#212121;background-color:#FFFFFF'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#9744;</P>
<P style='font:10pt Times New Roman;margin:0'>&#160;</P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>Item 1.01 </B></KBD><KBD style=margin-left:72pt></KBD><B>Entry into a Material Definitive Agreement.</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:72pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-72pt'><B>Item 2.03</B><FONT style=background-color:#FFFFFF><B> </B></FONT></KBD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>Item 3.02</B></KBD><KBD style=margin-left:72pt></KBD><B>Unregistered Sales of Equity Securities.</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>On April 6, 2018, Mount Tam Biotechnologies, Inc. (the &#8220;<FONT style='border-bottom:1px solid #000000'>Company</FONT>&#8221;), and Fromar Investments, LP (the &#8220;<FONT style='border-bottom:1px solid #000000'>Lender</FONT>&#8221;) entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a convertible promissory note (the &#8220;<FONT style='border-bottom:1px solid #000000'>Note</FONT>&#8221;). &nbsp;The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2018. &nbsp;By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto. &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>The Company and Lender also entered into a Security Agreement (the &#8220;<FONT style='border-bottom:1px solid #000000'>Security Agreement</FONT>&#8221;) pursuant to which the Company and the Lender agreed that all amounts, liabilities and obligations owed by the Company to the Lender (including, but not limited to, all amounts owed under the Note) are secured by a second priority security interest in all assets of the Company on the terms and conditions set forth in the Security Agreement.&#160; &nbsp;The security interest granted to the Lender is subordinate to the interest granted to 0851229 BC, Ltd. pursuant to an amended and restated security agreement dated as of June 14, 2016 (included as Exhibit 99.2 to the Company&#8217;s Current Report on Form 8-K filed on June 15, 2016). </P>
<P style='font:10pt Times New Roman;margin:0;color:#000000;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a &#8220;<FONT style='border-bottom:1px solid #000000'>Financing</FONT>&#8221;), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the &#8220;<FONT style='border-bottom:1px solid #000000'>Financing Securities</FONT>&#8221;) at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. If the Company consummates a Qualified Financing (as hereinafter defined) then the outstanding principal amount and all accrued and unpaid interest shall automatically convert into the same securities issued to investors in the Qualified Financing (the &#8220;<FONT style='border-bottom:1px solid #000000'>Qualified Financing Securities</FONT>&#8221;) at a conversion price equal to eighty percent (80%) of the price per Qualified Financing Securities paid by the other investors in the Qualified Financing. A &#8220;<FONT style='border-bottom:1px solid #000000'>Qualified Financing</FONT>&#8221; means a Financing which results in gross proceeds to the Company, in one or a series of related transactions, of at least $2,000,000 (including the aggregate amount of indebtedness converted into equity securities in such Financing), in which either (i) the investor leading negotiations with the Company is a bona fide institutional investor or (ii) the investor leading negotiations with the Company is not a bona fide institutional investor but the Financing includes commercially reasonable customary terms and conditions for an equity financing of an early-stage biopharmaceutical company.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>Effective upon a complete funding of the entire principal amount of $500,000, the Company agreed to issue to the Lender 1,000,000 shares of its common stock. &nbsp;The Company agreed to issue to the Lender an additional 1,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before July 1, 2018, or (ii) received a binding term sheet or other similar binding agreement pertaining to a licensing transaction with a company that operates in the pharmaceutical and/or biotech industries that will provide for at least $500,000 in upfront payments to the Company on or before July 1, 2018, as well as milestones and royalties for TAM-01, TAM-3, or for any follow-on compounds of the Company (a &#8220;<FONT style='border-bottom:1px solid #000000'>Licensing Transaction</FONT>&#8221;) on or before July 1, 2018. &nbsp;The Company agreed to issue to the Lender an additional 3,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before September 30, 2018, or (ii) received a binding term sheet or other similar binding agreement for a Licensing Transaction on or before September 30, 2018.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>In addition to the foregoing, the Company entered into amendment (the &#8220;<FONT style='border-bottom:1px solid #000000'>Amendment</FONT>&#8221;) to that certain Amended and Restated Promissory Note with 0851229 BC, Ltd. dated June 13, 2016 (the &#8220;<FONT style='border-bottom:1px solid #000000'>June 2016 Note</FONT>&#8221;) whereby the maturity date of the June 2016 Note was extended to September 30, 2018. &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:36pt;color:#000000;background-color:#FFFFFF'>The foregoing descriptions of the Note, the Security Agreement, and the Amendment do not purport to be complete and are qualified in their entirety by the terms and conditions of the agreements themselves. Copies of the Note, the Security Agreement, and the Amendment are attached hereto as Exhibit 10.1, 10.2 and 10.3, respectively, and each is incorporated herein by reference.</P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style='font:10pt Times New Roman;margin:0;text-indent:36pt'>The Note and the securities of the Company into which the Note is convertible were offered and sold without registration under the Securities Act of 1933, as amended (the &#8220;<FONT style='border-bottom:1px solid #000000'>Securities Act</FONT>&#8221;), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and in reliance on similar exemptions under applicable state laws. The Lender has represented to the Company that it is an accredited investor. No person received any underwriting discount or commission in connection with the issuance of the securities described herein.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>Item 9.01 </B></KBD><KBD style=margin-left:72pt></KBD><B>Financial Statements and Exhibits. </B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>(d) Exhibits</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:397pt;margin-left:4.65pt><TR style=height:15pt><TD valign=middle style='width:63pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Exhibit No.</P>
</TD><TD valign=middle style=width:29pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:305pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Description</P>
</TD></TR>
<TR style=height:15pt><TD valign=middle style='width:63pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>10.1</P>
</TD><TD valign=middle style=width:29pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:305pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><A href=mntm_ex10z1.htm style=text-decoration:none><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>Convertible Promissory Note</FONT></A></P>
</TD></TR>
<TR style=height:15pt><TD valign=middle style=width:63pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>10.2</P>
</TD><TD valign=middle style=width:29pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:305pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><A href=mntm_ex10z2.htm style=text-decoration:none><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>Security Agreement</FONT></A></P>
</TD></TR>
<TR style=height:15pt><TD valign=middle style=width:63pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>10.3</P>
</TD><TD valign=middle style=width:29pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:305pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><A href=mntm_ex10z3.htm style=text-decoration:none><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>Amendment to Amended and Restated Promissory Note</FONT></A></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:36pt'>Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>MOUNT TAM BIOTECHNOLOGIES, INC.</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:50%><TR><TD colspan=2 valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Date:&#160;&#160;&#160;</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>April 12, 2018</P>
</TD></TR>
<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>By: </P>
</TD><TD valign=top style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>/s/ Richard Marshak</FONT></P>
</TD></TR>
<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Name: </P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Richard Marshak</P>
</TD></TR>
<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Title:</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
</TABLE>
<P style='font:10pt Calibri;margin:0'>&nbsp;</P>
</DIV>
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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): April 6, 2018
MOUNT TAM BIOTECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
NEVADA
333-192060
45-3797537
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)
7250 Redwood Boulevard, Suite 300
Novato, California  94925
(425) 214-4079
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 1.01
Entry into a Material Definitive Agreement.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Item 3.02
Unregistered Sales of Equity Securities.
On April 6, 2018, Mount Tam Biotechnologies, Inc. (the "
Company
"), and Fromar Investments, LP (the "
Lender
") entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a convertible promissory note (the "
Note
").  The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2018.  By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto.
The Company and Lender also entered into a Security Agreement (the "
Security Agreement
") pursuant to which the Company and the Lender agreed that all amounts, liabilities and obligations owed by the Company to the Lender (including, but not limited to, all amounts owed under the Note) are secured by a second priority security interest in all assets of the Company on the terms and conditions set forth in the Security Agreement.   The security interest granted to the Lender is subordinate to the interest granted to 0851229 BC, Ltd. pursuant to an amended and restated security agreement dated as of June 14, 2016 (included as Exhibit 99.2 to the Company's Current Report on Form 8-K filed on June 15, 2016).
Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a "
Financing
"), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the "
Financing Securities
") at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. If the Company consummates a Qualified Financing (as hereinafter defined) then the outstanding principal amount and all accrued and unpaid interest shall automatically convert into the same securities issued to investors in the Qualified Financing (the "
Qualified Financing Securities
") at a conversion price equal to eighty percent (80%) of the price per Qualified Financing Securities paid by the other investors in the Qualified Financing. A "
Qualified Financing
" means a Financing which results in gross proceeds to the Company, in one or a series of related transactions, of at least $2,000,000 (including the aggregate amount of indebtedness converted into equity securities in such Financing), in which either (i) the investor leading negotiations with the Company is a bona fide institutional investor or (ii) the investor leading negotiations with the Company is not a bona fide institutional investor but the Financing includes commercially reasonable customary terms and conditions for an equity financing of an early-stage biopharmaceutical company.
Effective upon a complete funding of the entire principal amount of $500,000, the Company agreed to issue to the Lender 1,000,000 shares of its common stock.  The Company agreed to issue to the Lender an additional 1,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before July 1, 2018, or (ii) received a binding term sheet or other similar binding agreement pertaining to a licensing transaction with a company that operates in the pharmaceutical and/or biotech industries that will provide for at least $500,000 in upfront payments to the Company on or before July 1, 2018, as well as milestones and royalties for TAM-01, TAM-3, or for any follow-on compounds of the Company (a "
Licensing Transaction
") on or before July 1, 2018.  The Company agreed to issue to the Lender an additional 3,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before September 30, 2018, or (ii) received a binding term sheet or other similar binding agreement for a Licensing Transaction on or before September 30, 2018.
In addition to the foregoing, the Company entered into amendment (the "
Amendment
") to that certain Amended and Restated Promissory Note with 0851229 BC, Ltd. dated June 13, 2016 (the "
June 2016 Note
") whereby the maturity date of the June 2016 Note was extended to September 30, 2018.
The foregoing descriptions of the Note, the Security Agreement, and the Amendment do not purport to be complete and are qualified in their entirety by the terms and conditions of the agreements themselves. Copies of the Note, the Security Agreement, and the Amendment are attached hereto as Exhibit 10.1, 10.2 and 10.3, respectively, and each is incorporated herein by reference.
The Note and the securities of the Company into which the Note is convertible were offered and sold without registration under the Securities Act of 1933, as amended (the "
Securities Act
"), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and in reliance on similar exemptions under applicable state laws. The Lender has represented to the Company that it is an accredited investor. No person received any underwriting discount or commission in connection with the issuance of the securities described herein.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
10.1
Convertible Promissory Note
10.2
Security Agreement
10.3
Amendment to Amended and Restated Promissory Note
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MOUNT TAM BIOTECHNOLOGIES, INC.
Date:
April 12, 2018
By:
/s/ Richard Marshak
Name:
Richard Marshak
Title:
Chief Executive Officer