secwatch.observer — SEC 8-K summary
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Issuer:     Laredo Oil, Inc. (LRDC)
CIK:        0001442492
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001199835-24-000048
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Laredo Oil subsidiary raises $2.034M from investors for Montana drilling and lease acquisition
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- Hell Creek Crude receives $2,034,000 from accredited investors to fund a development well and acquire oil and gas leases in Midfork Field, Montana.
- Investors holding $575,000 in Laredo convertible debt will have that debt treated as an investment under the Participation Agreement.
- Initial well targets the Ratcliff Zone; investors get 90% BPO working interest, shifting to 50/50 after payout.
- If initial well is a dry hole, the $575,000 convertible note is reinstated in full by Laredo.
- Investors have exclusive rights to participate in up to two additional wells on the Lands.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1442492/000119983524000048/0001199835-24-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1442492/000119983524000048/form_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001199835-24-000048

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer