BBII Brisset Beer International Inc (PK)

Item 8.01 Other Events.

Reverse Stock Split

On June 28, 2022, our Board of Directors approved a reverse stock split of our issued and authorized shares of common stock on the basis of 50 old shares for one (1) new share. When completed, our issued and outstanding capital will decrease from 9,863,000 shares of common stock to 197,260 shares of common stock. The $0.0001 par value of our common shares will remain unchanged. The reverse split is payable upon surrender and no fractional shares will be issued. Fractional shares will be rounded up.

Name Change

Also, on March 15, 2022, our board of directors approved changing our corporate name from Brisset Beer International, Inc. to Power Americas Resource Group Ltd. 

Effective Date of Reverse Split and Name Change

The resolutions of our Board of Directors approving the above described reverse stock split and name change are subject to the prior approval by the Financial Industry Regulatory Authority (FINRA). In anticipation of submitting to, and receiving, FINRA approval, on July 15, 2022, we filed a Certificate of Change Pursuant to NRS 78.209 reflecting the reverse stock split and, on March 16, 2022, we filed a Certificate of Amendment changing our name from Brisset Beer International, Inc. to Power Americas Resource Group Ltd.

On September 2, 2021, the Company issued an 8%, three (3) month convertible promissory note to Andrew Lawrence (“Lawrence”) in the principal amount of $25,000 (the “Convertible Note”). On December 2, 2021, the Convertible Note became due. Thereafter, as of May 31, 2022, the Convertible Note remained in default and had accrued interest totaling $1,485.

On June 1, 2022, the Company and Lawrence agreed to cure such default on the Convertible Note by entering into a new, 10% promissory note (with no conversion feature) due and payable on 10 days written for the total principal and interest due and owing as of May 31, 2022, or $26,485 (the “Promissory Note”).