Item 1.01 Entry into a Material Definitive Agreement.
On December 31, 2021, New Rise Processing Reno, LLC ("New Rise Processing")
executed and delivered in favor Viking Energy Group, Inc. ("Viking" or the
"Company"), a promissory note in the principal amount of $1,000,000 (the
"Note"), and Viking advanced $1,000,000 to New Rise Processing on December 31,
2021, under the Note. New Rise Processing's obligations under the Note are
secured by: (i) a Guaranty executed by RESC Renewable Holdings, LLC ("RESC
Renewable") in favor of the Company (the "Guaranty"), and (ii) a Security
Agreement-Pledge executed by RESC, LLC (the owner of RESC Renewable) in favor of
Viking, granting Viking a first position and perfected security interest in 20%
of the membership interests of the Seller (the "Pledge Agreement"). Each of the
Note, Guaranty and Pledge Agreement are dated December 31, 2021. The Note bears
interest at a rate of 10% per annum, and all principal and accrued interest due
thereunder are payable on the earlier of: (i) the Company's acquisition of all
of the membership interests of New Rise Renewables, LLC; or (ii) June 30, 2022.
The foregoing descriptions of the Note, Guaranty, and Pledge Agreement do not
purport to be complete and are qualified in their entirety by reference to the
form of Note, Guaranty, and Pledge Agreement, copies of which are filed as
Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and incorporated
in this Item 1.01 by reference in their entirety.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promissory Note, by New Rise Processing Reno, LLC, in favor of
Viking Energy Group, Inc., dated December 22, 2021
10.2 Guaranty, by and between Viking Energy Group, Inc., and RESC
Renewable Holdings, LLC, dated December 22, 2021
10.3 Security Agreement-Pledge, by and between Viking Energy Group,
Inc., and RESC, LLC, dated December 22, 2021
104 Cover Page Interactive Data File (embedded within Inline XBRL
document)
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