23 Aug 2022capital raising announcement● NeutralMajor
The company disclosed that on February 25, 2022 it converted $906,750 owed to its President Jay Leaver and $413,206 owed to AEI Management into 7.25% Senior Secured Convertible Notes due February 24, 2024, convertible at $5.00 per share and secured by the Logan County assets bought from Progressive Well Service. It also reported closing the sale of 1,729,390 shares at $1.00 each on August 18, 2022 (plus 259,000 shares sold before 2022), which had previously been carried as a subscription liability. Insiders' debt is now secured on the Logan assets, and new shares have been issued.