| Subsequent Events |
| 1. | Subsequent
to November 30, 2017, the Company issued 252,435,327
common shares pursuant to the exercise of options attached to outstanding convertible
notes. |
|
| a. | Subsequent
to the year ended August 31, 2017, the Company obtained board approval to change the
name of the Company from “AIM Exploration Inc.” to “AIM Energy Inc.”.
This name change remains subject to approval from certain regulatory bodies. |
| b. | Subsequent
to the year ended August 31, 2017, the Company obtained board approval to do a 1 for
70 reverse split of the Company’s outstanding shares of common stock. This share
consolidation remains subject to approval from certain regulatory bodies. |
| c. | On
September 11, 2017, the Company entered into an Equity Purchase Agreement (the “L2
Purchase Agreement”) with L2 Capital, LLC (“L2 Capital”). Under the
L2 Purchase Agreement, the Company may from time to time, in its discretion, sell shares
of its common stock to L2 Capital for aggregate gross proceeds of up to $5,000,000. Unless
terminated earlier, L2 Capital’s purchase commitment will automatically terminate
on the earlier of the date on which L2 Capital shall have purchased Company shares pursuant
to the Purchase Agreement for an aggregate purchase price of $5,000,000 or September
11, 2020. The Company has no obligation to sell any shares under the L2 Purchase Agreement.
|
NOTE
14 – SUBSEQUENT EVENTS – CONTINUED
| d. | On
September 11, 2017, the Company issued to L2 Capital, LLC. a convertible promissory note
in the principal amount of $222,222, in connection with a Securities Purchase Agreement
entered into by the parties on September 11, 2017. The note accrues interest at a rate
of 8% per annum, and will be issued in a number of tranches, with the maturity dates
of each tranche being six months from the effect date of the respective payment. The
holder of the note may convert any or all of the principal outstanding into shares of
the Company’s common stock at a price equal to 60% of the lowest trading price
of the common stock during the 30 trading days prior to issuing a notice of conversion
to the Company. |
| e. | On
September 11, 2017, the Company issued to L2 Capital, LLC. (“L2 Capital”)
a convertible promissory note in the principal amount of $150,000, in connection with
a Securities Purchase Agreement entered into by the parties on September 11, 2017. This
note was issued by the Company to L2 Capital as a commitment fee, pursuant to the L2
Purchase Agreement detailed in item “c” above. The note accrues interest
at a rate of 8% per annum, with a maturity date of September 11, 2018. The holder of
the note may convert any or all of the principal outstanding into shares of the Company’s
common stock at a price equal to 60% of the lowest trading price of the common stock
during the 30 trading days prior to issuing a notice of conversion to the Company. |
|