f8k021108_redmile.htm

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): February 11, 2008
 
Red Mile Entertainment, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of
incorporation)
000-50814
(Commission
File Number)
20-4441647
(IRS Employer
Identification Number)
 
4000 Bridgeway, Suite 101
Sausilito, CA 94965
(Address of principal executive offices) (Zip Code)
 
(415) 339-4240
(Registrant's telephone number, including area code)
 
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 communications 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 1.01. Entry Into A Material Definitive Agreement

 
On February 11, 2008, Red Mile Entertainment, Inc. (the "Company") entered into an uncommitted revolving line of credit agreement with Tiger Paw Capital Corporation, a corporation owned and operated by Mr. Kenny Cheung, a member of the Company’s Board Of Directors and the owner of approximately 9.4% of the Company's outstanding common stock (“Lender”), in the amount of $1,000,000 ("The Line"). The Line is available for working capital requirements. Any amounts drawn on the Line are payable on demand but in no event later than 90 days from the date each respective draw is made. The Line is an uncommitted obligation where Lender may decline to make advances under the Line, or terminate the Line, at any time and for any reason without prior notice to the Company.  The Line bears interest at the rate of 10% per annum and is payable to Lender on demand. Advances under the Line may be pre-paid without penalty. The line is secured by all present and future assets of the Company and carries no financial or operating covenants.
 
Concurrent with the closing of the Line, the Company entered into a promissory note agreement with Lender obligating the company to pay Lender on demand the aggregate principal amount of the advances made by Lender to Borrower pursuant to the Line.
 
 
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
 
The information reported under Item 1.01 is incorporated herein by reference
 

Item 9.01        Exhibits.
 
      (d)          EXHIBITS - The following exhibit is filed as part of this report:

   
Exhibit No.
Description
10.1
Revolving Line Of Credit Agreement
10.2
Promissory Note
10.3
Security Agreement

 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
RED MILE ENTERTAINMENT, INC.
 
Dated: February 11, 2008                                                                                     
By:  /s/ Ben Zadik                                                     
                    Ben Zadik;
Chief Financial Officer