UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) April 15, 2009
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Finotec Group, Inc.
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(Exact Name of Registrant as Specified in Charter)
Nevada 76-0251547
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(State or Other Jurisdiction (IRS Employer
Incorporation) Identification No.)
228 East 45th Street, Suite 1801 New York NY 10017
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
5.02. Departure of Directors; Election of Directors.
(a) Resignation or removal of directors other than as a result of disagreement
or removal for cause.
On September 28, 2009, the Board of Directors of Finotec Group, Inc. (the
"Company") accepted the resignation of Mr. Victor Essemini and Mr. Albert Layani
from their positions as directors on the Board.
There are no disagreements between Mr. Victor Essemini, Mr. Albert Layani and
the Company related to the Company's operations, policies or procedures that
caused the resignation.
(b) Election of Director.
Effective October 7, 2009, the Company's Board of Directors elected Mr.
Phillippe Laurent Levy, 45, as a director to fill a vacancy on the Board.
ITEM 8.01 OTHER EVENTS.
Private Placement.
In April, 2009, the Company entered into a definitive agreement for the
sale of 3,200,000 shares of Common Stock (the "Common Stock") at a price of
$0.125 per share. As a part of the transaction, the Company agreed to issue
accompanying warrants (the "Investor Warrants") to purchase an aggregate of
2,000,000 shares of Common Stock at an exercise price of $0.275 per share. The
shares of Common Stock sold in the private placement offering have not been
registered under the Act and may not be offered or sold absent registration or
an applicable exemption from such registration requirements. All such shares are
subject as well to a registration rights agreement. The transaction closed in
April, 2009.
On September 2nd 2009, the Company entered into a definitive agreement
for the sale of 17,218,000 Common Shares at a price of $0.25 per share. The
shares of Common Stock sold in the private placement offering have not been
registered under the Act and may not be offered or sold absent registration or
an applicable exemption from such registration requirements. All such shares are
subject as well to a registration rights agreement. The transaction closed on
September 15th 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: October 29, 2009 FINOTEC GROUP, INC.
By: /s/ Didier Essemini
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Name: Didier Essemini
Title: Chairman of the Board