Current Report Filing (8-k)
June 19 2019 - 9:24AM
Edgar (US Regulatory)
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): June 14, 2019
TARGET
GROUP INC.
(Exact name of registrant as specified in
its charter)
Delaware
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000-55066
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46-3621499
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State or other jurisdiction incorporation
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Commission File Number IRS Employer
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Identification No.
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55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (647) 927-4644
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(Former name or former address, if changed since last report)
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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:
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¨
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
x
For an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
Emerging Growth Company
¨
Securities registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934:
Title
of each class
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Trading
symbol
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Name
of each exchanges on which registered
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N/A
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N/A
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N/A
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Section 5-
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Corporate Governance and Management
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Item 5.02
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Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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Effective June 14,
2019, Azmatali Mehrali was appointed Chief Financial Officer of the Company. Since 2006, Mr. Mehrali has served as President of
a private CFO consulting business that provides regulatory and financial services to start-up brokerage firms in Canada. With over
30 years of financial services experience, he has also been CFO for several firms including Wells Fargo Canada Securities, Brookfield
Securities, and Virtual Brokers. He served as Vice President, Finance at Genuity Capital Markets, Assistant Controller at Investment
Technology Group Canada, and Director of Finance at CIBC World Markets. More recently, Mr. Mehrali has provided consulting services
to medicinal cannabis start-ups across North America, particularly in Canada, as they prepare for a public listing.
Mr. Mehrali’s
annual salary will be CDN$200,000 payable in equal bi-weekly monthly installments plus an automobile allowance of CDN$750 per month.
In addition, Mr. Mehrali will be eligible to receive bonus compensation and annual stock option grants.
The agreement contains
a covenant not to compete whereby Mr. Mehrali agrees that during the term of his employment and for a period of one (1) year after
termination that he will not be associated with any other person or entity which is engaged in the same or similar business as
the Company’s within the Toronto metropolitan area and within a radius of twenty (20) miles thereof.
The term of employment
is five (5) years which can be renewed for additional five year terms unless otherwise terminated upon not less than 180 days prior
written notice.
The description of
Mr. Mehrali’s employment agreement contained in this Report is not intended to be complete and is qualified in its entirety
by reference to the entire agreement which is filed as Exhibit 10.1 and is incorporated into this Report by reference.
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Item 7.01
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Regulation FD Disclosure
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On June 19, 2019, the
Company issued a press release announcing the appointment of Azmatali Mehrali as Chief Financial Officer. A copy of the press release
is included as an exhibit to this Report.
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Section 9-
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Financial Statements and Exhibits
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Item 9.01
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Financial Statements and Exhibits
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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.
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TARGET GROUP
INC.
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Dated: June 19, 2019
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By:
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/s/
Rubin Schindermann
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Chief Executive Officer
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