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)
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December 7, 2004
HOMENET CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-22236 33-0565710
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(State or other jurisdiction of (Commission file number) (IRS employer
incorporation) identification no.)
5252 North Edgewood Drive, #310, Prove, Utah 84604
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(Address of principal executive offices) (Zip code)
(801) 502-6100
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(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 (see General Instruction A.2.below):
[ ] 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 240.13c-4(c)
This document contains a total of 11 pages.
Item 8.01 Other Information
The Company entered into loan arrangement with two accredited lenders
who agreed to loan the Company the principal amount of $1,200,000 (the "Loan").
The loan agreement is dated December 6, 2004, but an executed copies of the
agreement were not delivered until December 7, 2004. The Loan was guaranteed by
affiliates and other parties that are related to the Company. The Loan is
payable in full on the 120 day anniversary of the date upon which any security
interest associated with the Loan are executed. A loan origination fee in the
amount of $204,000 is payable in connection with the Loan. As additional
consideration for the Loan, the Company agreed to issued to the Lenders warrants
exercisable for 75,000 shares of common stock that are exercisable for a five
year period at $1.50 per share. The Loan proceeds are not immediately available
to the Company, but are paid upon satisfaction of certain contingencies. In
addition, part of the Loan proceeds are to be utilized to pay the Company's
obligation to Zions National Bank in full.
Item 9.01 Financial Statements and Exhibits
a. Financial statements of businesses acquired
Not applicable.
b. Pro forma financial information
Not applicable.
c. Exhibits
Number Description
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10.1 Loan Agreement by and between the Company and Horn
Irrevocable Trust and Vescovo Finance, LLC.
10.2 Secured Promissory Note by and between the Company
and Horn Irrevocable Trust and Vescovo Finance, LLC.
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SIGNATURES
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.
HOMENET CORPORATION
Date: December 13, 2004 By /s/ Frank Gillen
Frank Gillen
President
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