Item 2.01 Completion of Acquisition or Disposition of Assets.
As previously disclosed by SusGlobal Energy Corp. (the "Company") in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021 and in its Annual Report on Form 10-K for the year ended December 31, 2020, the Company, through its wholly-owned subsidiary, SusGlobal Energy Canada I Ltd., signed an Agreement of Purchase and Sale (the "APS") with Ric (Nash) Inc. for the purchase of property and a facility located on that property with an address of 520 Nash Road North in Hamilton, Ontario. The APS was signed on February 10, 2021 and the land and facility were purchased for $3,500,100 (C$4,500,000), including a vendor take-back mortgage of $1,555,600 (C$2,000,000) at an annual interest rate of 2% maturing two years after closing (the "Mortgage"). A deposit of $155,560 (C$200,000) was paid by the Company on February 10, 2021.
The APS was amended on April 8, 2021 and again on May 20, 2021, to revise the closing date, subject to successful completion of the due diligence process and the completion of the Phase II Environmental Site Assessment at a cost of $38,734 (C$49,800), plus applicable harmonized sales taxes. A further deposit of $116,670 C$150,000) was paid by the Company on June 1, 2021. On August 3, 2021, the vendor agreed to amend the APS for a third time (the "Third Amendment") with a new closing date of August 17, 2021. The newly amended APS provides for a credit to the Company in the amount of $291,675 (C$375,000) for certain deficiencies and the issuance of 300,000 common shares of the Company.
On August 17, 2021, the Company closed on the purchase of the facility and land pursuant to the APS, as amended.
The foregoing description of the Mortgage, the APS, and the Third Amendment do not purport to be complete and are qualified in their entirety by reference to the Mortgage, the APS, and the Third Amendment, the forms of which are filed as, respectively, Exhibits 4.1, 10.2, and 10.2 hereto.