secwatch.observer — SEC 8-K summary
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Issuer:     SILVERTON ENERGY, INC. (—)
CIK:        0001508786
Form:       8-K/A
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0001683168-24-003611
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 5.06, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Silverton Energy acquires Oklahoma oil & gas leases; $81M AHIC deal and $3.5M Agrawal deal
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- Executed two acquisition agreements on May 1, 2024: AHIC Assets ($81M) and Agrawal Assets ($3.5M).
- AHIC purchase price paid via $81M, 20-year, non-interest bearing promissory note secured by assets due May 1, 2044.
- Agrawal purchase price paid via $3.5M convertible note convertible into Class A common stock at market value within 13 months.
- AHIC note includes credit: for each $15M institutional investment, $3M credited; default allows foreclosure or conversion to preferred stock.
- Assets held in escrow until full payment; Agrawal assets require $150,000 improvement payment within six months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1508786/000168316824003611/0001683168-24-003611-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1508786/000168316824003611/silverton_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001683168-24-003611

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