American Clean Resources expands LOC to $35M, extends maturity, avoids foreclosure through Jan 2024

American Clean Resources Group, Inc.

Line of credit increased from $5M to $35M, maturity extended from March 2025 to March 2027.
Two existing promissory notes rolled into LOC and extinguished as separate instruments.
GPR agrees to forbear on foreclosure rights under defaulted Senior Secured Note until Jan 12, 2024.
Conversion price of LOC into common stock reduced from $1.65 to $1.05 per share based on 3-day VWAP.
GPR, majority shareholder, held $10,036,451 in debt as of Dec 31, 2022 (approximate).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American Clean Resources Group, Inc. amended Amendment and Forbearance Agreement with Granite Peak Resources valued at $5,000,000 to $35,000,000 (effective 2023-01-05).

Action: amendment
Agreement: credit facility
Counterparty: Granite Peak Resources
Value: $5,000,000 to $35,000,000
Effective: 2023-01-05

Exact text from the filing

American Clean Resources Group, Inc. (the “Company”) entered into an Amendment and Forbearance Agreement with Granite Peak Resources (“GPR”), a related party, on January 5, 2023 wherein GPR agreed to: (a) increase its existing Line of Credit (“LOC”) from $5,000,000 due March 16, 2025 to $35,000,000 due March 16, 2027

View on SEC.gov

114 material agreements filed in the last 30 days. Browse all material agreements →

American Clean Resources Group, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-001407

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.