UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported): January 10, 2017
NATURALSHRIMP INCORPORATED
(Exact
name of registrant as specified in its charter)
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Nevada
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000-54030
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74-3262176
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification No.)
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15150 Preston Rd, Suite 300
Dallas, Texas 75248
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (888) 791-9474
N/A
(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
communication 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))
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
On
January 10, 2017, NaturalShimp Corporation, a wholly-owned
subsidiary of NaturalShrimp Incorporated (together the
“Company”), entered into a promissory note with
Community National Bank for $245,000, at an annual interest rate of
5% and a maturity date of January 10, 2020 (the “CNB
Note”). The CNB Note is secured by certain real property
owned by the Company in LaCoste, Texas, and is also personally
guaranteed by the Company’s President, as well as certain
shareholders of the Company.
Concurrent
with the closing of the CNB Note, the Company agreed to pay Baptist
Community Services of Amarillo, Texas (“BCS”) $200,000
of the proceeds from the CNB Note to payoff the Company’s
existing notes payable, plus accrued interest, owing to BCS
totaling approximately $2,540,000 (the “BCS Notes”).
Subsequent to the date of this filing, the Company expects to
execute mutual release agreements with BCS memorializing the payoff
of the BCS Notes and to further release the Company from any
further obligations under the BCS Notes.
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SIGNATURE
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.
Dated:
January 17, 2017
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NATURALSHRIMP INCORPORATED
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By:
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/s/
Bill Williams
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Name:
Bill G. Williams
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Title:
Chief Executive Officer
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