Sunset Island Group, Inc. announced that it has received $0.22 million in funding from Auctus Fund Management, LLC
January 15, 2018
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Sunset Island Group, Inc. (OTCPK:SIGO) announced that it has entered into a security purchase agreement with Auctus Fund, LLC, a fund managed by Auctus Fund Management, LLC for the private placement of unsecured convertible note for gross proceeds of $220,000 on January 16, 2018. The note will bear interest at the rate of 12% per annum and mature on September 8, 2018. The note is convertible into common shares at the lesser of the lowest trading price during the previous 25 trading day period ending on the latest complete trading day prior to the date of the note and the variable conversion price. The note is issued at par. The company may prepay the note at 135% of principal and accrued interest up to 90 days of issue, from 91 days to 180 days at 150% and after 180 days no prepayment. The company paid $18,000 as other expenses. The securities are issued pursuant to exemption provided under Regulation D.
Sunset Island Group, Inc. operates its cannabis growing, cultivation, manufacturing and distribution business through its subsidiary VBF Brands. The Company grows its own cannabis plants through its cannabis cultivation licence. The Company also sells clones through its nursery licence. The material grown and harvested from its cultivation operations are either packaged and sold through the Companyâs distribution licence (via VBF) or processed through its manufacturing licence (via VBF), which is later sold through its distribution licence (via VBF). This allows the Company to sell products it manufactures, as well as products manufactured by third parties.
SUNSET ISLAND GROUP, INC. 
