Weerts Robert D. 4
4 · BION ENVIRONMENTAL TECHNOLOGIES INC · Filed Oct 25, 2024
Insider Transaction Report
Form 4
Weerts Robert D.
Director
Transactions
- Other
Convertible Promissory Note
2024-10-15(indirect: By LLC)Exp: 2025-04-15→ Common Stock
Holdings
- 400,000
Common Stock
Footnotes (1)
- [F1]On October 22, 2024, Bion's Board of Directors ratified an agreement, with the Bion BLG, LLC, loan group, effective 10/15/2024, to purchase a Convertible Promissory Note in the principal amount of up to $500,000. Mr. Weerts and two other Bion Directors are members of the loan group and together comprise 60% ownership of the loan group (and Promissory Note) (each member owns 20%). The Note is secured by the Company's Intellectual Property (IP)/patents. The Note will convert into securities in the Company at the terms of a later capital raise (or other source of funding) in excess of $3.0 million, which must be completed within six (6) months, and other terms as defined in the Note and Security Agreements (see exhibits to Form 8-K filed 10/24/2024).