Form 8-K for MULTICELL TECHNOLOGIES INC.
11-Jan-2005
Other Events
ITEM 8.01. OTHER EVENTS
On November 17, 2000, MultiCell Technologies, Inc.(the Company) entered into a $500,000 loan agreement with Lexicor Medical Technologies, Inc. (Lexicor). The amount of the loan was increased by $50,000 on February 20, 2001 and $50,000 on March 7, 2001. Interest was accrued at ten percent (10%) per year payable quarterly. Lexicor paid all quarterly payments when due throughout the term of the note. Under the terms of the note, if the note was not paid in full on May 31, 2001 the term of the loan was automatically extended until January 2, 2005. Failure of Lexicor to pay the note when due or any default by Lexicor would have caused Lexicor to issue common shares to the Company equal to 51% of the issued and outstanding shares of Lexicor. The note was also convertible into Lexicor common stock at a per share price of $6.00 per share. On December 30, 2004 Lexicor wired $605,000 as payment in full along with accrued interest to an escrow account for the Company. The funds were released from the escrow account to the Company on January 7, 2005.
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