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): May 13, 2005 MCKENZIE BAY INTERNATIONAL, LTD. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 000-49690 (STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) 51-0386871 (IRS EMPLOYER IDENTIFICATION NO.) 975 SPAULDING ADA, MICHIGAN (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) 49301 (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (616) 940-3800 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 8.01 Other Events. On May 13, 2005, we borrowed an additional $500,000.00 from Cornell Capital Partners and issued our promissory note to Cornell Capital Partners in that amount. This loan is under the same terms and conditions as the previous three loans made January 10, 2005, February 14, 2005 and March 14, 2005. As previously, we placed shares of common stock in escrow, this time 1,000,000 shares, and we deposited with the escrow agent 20 requests for advances under the Standby Equity Distribution Agreement sufficient to repay the promissory note. The promissory note bears interest at the annual rate of 12% and is payable on or before October 21, 2005. The weekly advances will begin June 6, 2005. Pursuant to the previous agreement entered into with Stone Street Advisors, LLC dated January 10, 2005, we have paid Stone Street $12,500.00 from the proceeds we have received from Cornell Capital Partners in connection with the promissory note. 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 thereunto duly authorized. MCKENZIE BAY INTERNATIONAL, LTD. Date: May 16, 2005 By: /s/ Gregory N. Bakeman - --------------------------- Gregory N. Bakeman Chief Financial Officer, Treasurer and Director