HINTO Energy, Inc. acquired right and title to certain mineral estates in Grand County, Utah from Pride Ventures, LLC for $1.2 million.
June 20, 2013 at 12:00 am
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HINTO Energy, Inc. (OTCPK:HENI) entered into an agreement to acquire right and title to certain mineral estates in Grand County, Utah from Pride Ventures, LLC for $0.12 million on June 4, 2013. As a part of consideration, HINTO will pay $0.08 million in cash at closing and $0.04 million in 0.05 million HINTO common shares. HINTO shall replace plugging and abandonment bond to BLM on the assets acquired in an amount not to exceed $0.03 million and this replacement should occur concurrent with the recordation of the assignment of the lease. The agreement may be terminated at any time by mutual consent of the boards of directors of HINTO and Pride Ventures.
The completion of transaction is subject to third parties or governmental and regulatory authorities, all outstanding Indebtedness secured by the assets acquired shall have been fully paid at or prior to closing, and consummation of due diligence investigation. The Board of Directors of HINTO and manager of Pride Ventures have each approved the transaction. The completion of transaction is expected to take place on or before June 30, 2013.
HINTO Energy, Inc. (OTCPK:HENI) completed the acquisition of right and title to certain mineral estates in Grand County, Utah from Pride Ventures, LLC on June 17, 2013.
Hinto Energy, Inc., through its rights in JF BioPharma, Inc., is a developer of synthetic late stage schedule1 drugs. The Companyâs focus is on synthetic cannabinoids to treat fibromyalgia, wound care, Type 2 diabetes and cystic fibrosis (CF).