Explanatory Note Index to ExhibitsExplanatory Note • June 17th, 2016 • Gourmet Renee, LLC • Malt beverages
IMPOUNDMENT OF PROCEEDS AGREEMENTImpoundment of Proceeds Agreement • June 17th, 2016 • Gourmet Renee, LLC • Malt beverages
This Agreement, dated June 9, 2016, is by and between Gourmet Renee LLC dba Bircus Brewing (hereafter referred to as “Issuer”) and Home Savings Bank (hereafter referred to as “Depository”). The Depository is located at 202 Elm Street, Ludlow, Kentucky 41016. The Issuer warrants that it has submitted an application for registration of securities to the Kentucky Department of Financial Institutions, Division of Securities (“Administrator”), located at 1025 Capital Center Drive, Suite 200 Frankfort, KY 40601, to sell securities and the Issuer intends that, if it is unable to sell securities in the sum of $150,000.00 by 31st of December, 2016, which date the Issuer may extend up to 120 days in its sole discretion (the “Closing Date”), then the offering shall be terminated and the proceeds paid in by each of the Subscribers shall be returned to them pursuant to this Agreement.
