SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported: June 12, 2021
TARGET GROUP INC.
(Exact name of registrant as specified in its charter)
|State or other jurisdiction incorporation||Commission File Number|
|20 Hempstead Drive Hamilton Ontario,Canada||L8W 2E7|
|(Address of principal executive offices)||(Zip Code)|
|Registrant's telephone number, including area code: (905) 541-3833|
|(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 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 x
For 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.
Emerging Growth Company ¨
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
|Title of each class||Trading symbol||Name of each exchanges on which registered|
Section 2- Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On December 26, 2019, the Company filed a report on Form 8-K disclosing the entry into a financing agreement (“Original Loan”) with a private individual (“Lender”) who is the brother of the Company’s Chief Executive Officer, Anthony Zarcone. The Original Loan was subsequently amended on three previous occasions as disclosed in reports filed on Form 8-K on March 17, 2020, April 24, 2020 and May 14, 2020.
Effective June 12, 2021, the Company and Lender entered into a Fourth Amending and Extending Agreement pursuant to which the Company and the Lender agreed that aggregate principal and interest balance on the Original Loan is US$2,136,380.00. The maturity date of the Original Loan is extended to June 1, 2023. The amended loan carries interest at the rate of 3.0146% per month (43.26% per annum). The remaining terms and conditions of the Original Loan remain in full force and effect.
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.
TARGET GROUP INC.
|Dated: June 21, 2021||By:||/s/ Anthony Zarcone|
|Chief Executive Officer|