$LVGI announced today that it has signed a settlement agreement with its largest unsecured creditor that eliminates $0.8 million in principal and interest owed for a convertible note. The agreement fully eliminates the Companys obligation under the convertible note without requiring any issuance of Company shares or a cash payment.
$LVGI and Rokin have agreed that LVGI will sell 95% of our stake in Rokin back to them. The sale releases LVGI from an $800,000 future funding commitment, returns back all of the LVGI convertible preferred shares we issued to Rokin Shareholders and removes approximately $1.8 million of Rokin debt from our balance sheet. We estimate the deal produces a profit for LVGI in excess of $1,000,000.
TULSA,OK / November 10, 2022 / Limitless Venture Group, Inc. (OTCPINK:LVGI) ("LVGI" or the "Company") is pleased to announce today that it has signed an agreement with its senior secured lender to rebrand, remarket and expand the KetoSports company.