SILVERTON ENERGY, INC.: M&A transaction — Silverton Energy acquires Oklahoma oil & gas leases for $81M+$3.5M in notes

SILVERTON ENERGY, INC.

On May 1, 2024, Silverton entered two asset purchase agreements: $81M AHIC assets via 20-year non-interest bearing note due 2044.
Also acquired Agrawal assets for $3.5M convertible note, convertible into common at market value within 13 months.
AHIC assets have current value of $81M; note secured by assets; default allows foreclosure or conversion to preferred stock.
Company's Class C Preferred offering sold 927,500 shares at $0.40 each of 5M authorized under Reg D.

item 8.01 item 1.01 item 2.01 item 5.06 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SILVERTON ENERGY, INC.: Company ceased being a shell company; OTC Markets removed shell company status from SLTN Pink Sheet Stock listing effective April 10, 2024 (effective 2024-04-10).

Change: shell status
Effective: 2024-04-10

Exact text from the filing

As a result of the Shell Company Opinion Letter, on April 10, 2024 and continuing to the date of this Form 8K filing by the Company, the OTC Markets Pink Market has removed the “shell company” status from the Company’s SLTN Pink Sheet Stock listing.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.4

SILVERTON ENERGY, INC. completed an acquisition involving Kris Agrawal and Kris k. Agrawal, et al, Exxon Oil & Gas, Inc., Vance-1 Properties, LLC for $3,500,000.00 (closed 2024-05-01).

Action: acquisition
Counterparty: Kris Agrawal and Kris k. Agrawal, et al, Exxon Oil & Gas, Inc., Vance-1 Properties, LLC
Consideration: $3,500,000.00
Closing: 2024-05-01

Exact text from the filing

this transaction is a contract (a “chose in action”) for lease assignments and is not currently vesting title to the assets in Buyers. The agreed purchase price of the Assets is $3,500,000.00, the payment of which by a “convertible note,” which is to be readily convertible into the Company’s Class “A” Common Stock, at its “market value” per share “at the moment of

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.7

SILVERTON ENERGY, INC. completed an acquisition involving American Heritage Investment Capital, L.P. for $81,000,000 (closed 2024-05-01).

Action: acquisition
Counterparty: American Heritage Investment Capital, L.P.
Consideration: $81,000,000
Closing: 2024-05-01

Exact text from the filing

nd American Heritage Investment Capital, L.P. (“AHIC”) , dated May 01, 2024, with the Company as Buyer and AHIC, as Seller

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Source: SEC EDGAR

accession 0001683168-24-007168

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