SEC Contract Filing

Filing Date: 2021-08-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex10_5.htm
<DESCRIPTION>SECURITIES PURCHASE AGREEMENT - JULY 28, 2021
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT 10.5&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES PURCHASE AGREEMENT<BR>
<BR>
</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">This <B>SECURITIES PURCHASE
AGREEMENT</B> (the &#8220;Agreement&#8221;), dated as of July 28, 2021, by and between <B>BLACKSTAR ENTERPRISE GROUP, INC.</B>,
a Delaware corporation, with its address at 4450 Arapahoe Ave., Suite 100, Boulder, CO 80303 (the &#8220;Company&#8221;), and <B>POWER
UP LENDING GROUP LTD.</B>, a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck, NY 11021 (the
&#8220;Buyer&#8221;).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>WHEREAS</B>:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The Company and the Buyer are executing and delivering
this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated
by the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Securities Act of 1933, as amended (the
&#8220;1933 Act&#8221;); and</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">B.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Buyer desires to purchase and the Company desires
to issue and sell, upon the terms and conditions set forth in this Agreement a convertible note of the Company, in the form attached
hereto as Exhibit A, in the aggregate principal amount of $78,750.00 (together with any note(s) issued in replacement thereof or
as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the &#8220;Note&#8221;), convertible
into shares of common stock, $0.001 par value per share, of the Company (the &#8220;Common Stock&#8221;), upon the terms and subject
to the limitations and conditions set forth in such Note.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>,
the Company and the Buyer severally (and not jointly) hereby agree as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><U>Purchase and Sale of Note.</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><U>Purchase of Note</U>. On the Closing Date
(as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal
amount of Note as is set forth immediately below the Buyer&#8217;s name on the signature pages hereto.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><U>Form of Payment</U>. On the Closing Date (as
defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined
below) (the &#8220;Purchase Price&#8221;) by wire transfer of immediately available fu