American Noble Gas, Inc. completed the acquisition of a 60.7143% stake in GMDOC, LLC. for $0.85 million.
May 18, 2022
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American Noble Gas, Inc. (OTCPK:IFNY) entered into an operating agreement to acquire an unknown interest in GMDOC, LLC for $0.85 million on May 3, 2022. With respect to its cash capital contribution, the Company paid a non-refundable cash deposit for the Interests in the amount of $50,000 on May 3, 2022 and paid the remainder of the cash contribution for the Interests, or $800,000, on May 16, 2022. American Noble Gas also contributed $3,187,500 in the capital of GMDOC. Upon completion of capital contribution and interest purchase, American Noble Gas will hold a total of 60.7% stake in GMDOC.
American Noble Gas, Inc. (OTCPK:IFNY) completed the acquisition of a 60.7143% stake in GMDOC, LLC on May 16, 2022. American Noble Gas, Inc. entered into a securities purchase agreement with two accredited investors (the “Investors”) for the Company's 8% convertible notes payable due June 29, 2022 (the “May 2022 Notes”), with an aggregate principal amount of $850,000. The May 2022 Notes are, subject to certain conditions, convertible into an aggregate of 2,125,000 shares of Common Stock, at a price of forty cents ($0.40) per share. The Company also issued an aggregate of 425,000 shares of Common Stock as commitment shares (“Commitment Shares” and, together with the May 2022 Notes and Conversion Shares, the “Securities”) to the Investors as additional consideration for the purchase of the May 2022 Notes. The closing of the offering of the Securities occurred on May 13, 2022, when the Investors purchased the Securities for an aggregate purchase price of $850,000. The proceeds of this offering of Securities were used to purchase membership interests in GMDOC.
American Noble Gas, Inc. is engaged in the business of exploring and developing areas that contain noble gas and rare earth mineral reserves, in addition to the exploration and development of traditional oil and gas. The Companyâs Central Kansas Uplift Properties include the production and mineral rights/leasehold for oil and gas properties, subject to overriding royalties to third parties, covering over 11,000 contiguous acres. Its properties include a horizontal producing well, horizontal saltwater injection well, conventional saltwater disposal well, and two conventional vertical producing wells, which produce oil from the Reagan Sand zone at an approximate depth of 3,600 feet. It also has an oil and gas interest in the Hugoton Gas Field, located in Haskell and Finney Counties, Kansas. It also assessed various opportunities and strategic alternatives involving the acquisition, exploration and development of oil and gas oil producing properties in the United States.
AMERICAN NOBLE GAS, INC. 