Tuesday, February 02, 2016 10:13:43 AM
8K http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=11054028
''Global Clean Energy Holdings, Inc. (“GCEH,” “we,” “us” and “our”) has completed the divestiture of the three Jatropha farms in Mexico it owned through its GCE Mexico I, LLC, subsidiary (GCE Mexico) a Delaware limited liability company that GCEH owned and managed. We owned 50% of the common membership interests of GCE Mexico, one investor (the “Investor”) currently owns the other 50% of the common membership interests, and the GCE Mexico preferred units are owned by an affiliate of the Investor. The three farms, comprising approximately 6,000 hectares of farmland, were held in three separate Mexico subsidiaries of GCE Mexico (herein referred to as the (“Asideros Subsidiaries”). Pursuant to three purchase agreements, each dated December 2, 2015, entered into by the three Asideros Subsidiaries, the Asideros Subsidiaries sold the three Jatropha farms to Enerall Terra 2 S.A.P.I de C.V, a Mexican agricultural operator in the region. The purchase price for the three farms was MXP $89 million (approx. US$5.9 million). GCE Mexico assigned $5.1 million of the purchase price to the Investor to repay the outstanding $5.1 million mortgages on the three farms. In addition to the repayment of the mortgages and as part of the structured transaction between GCE Mexico and its investor and preferred unit holders, the Investor will extinguish (i) approximately $5.1 million of unpaid interest that had accrued on the three mortgage loans, and (ii) the preferred return (approximately $12.1 million) that the preferred unit holders had accrued. GCEH did not receive any cash from the sale of the three farms. However, as result of the repayment of the three mortgage loans, the elimination of the accrued interest on those loans and the accrued preferred return, approximately $22 million of long term liabilities were extinguished from GCEH’s consolidated balance sheet.
The Asideros Subsidiaries sold the three farms to Enerall Terra, but we did not sell any of the Jatropha intellectual property that it developed on those farms (including the Jatropha varieties we developed on the farms). In addition, we retained the rights to continue its Jatropha research on portions of the three farms where our elite varieties are growing, allowing us to continue our Jatropha genetic development program. As a result, our elite Jatropha genetics are preserved as a core asset along with the significant institutional knowledge, experience and know-how we have acquired over the years. We also retained all of the rights to the proprietary delivery platform developed over the last seven years in Mexico. As part of the sale, we specifically retains access rights to our Certified Nursery and Research areas for an extended period of time.
The sale of the three farms significantly improves GCEH’s balance sheet by eliminating more than 98% (approximately $22 million) of its long-term debt (liabilities), which represents approximately a 76% reduction in overall liabilities and enables us to continue to pursue our biofuels operations. The preferred return and Notes Payable interest accrued at 12% per annum. We believe that reducing debt is critical for GCEH to be able to raise additional capital for the expansion phase of our business and to deploy the superior genetics we have spent years developing on a commercial scale.''
Recent GCEH News
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 09/20/2024 05:59:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/30/2024 08:44:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2024 09:26:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/19/2024 05:23:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 06:56:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 06:55:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 06:53:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 06:51:59 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 06:50:16 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 09:01:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 02:32:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 09:15:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/29/2024 09:58:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 07:15:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/29/2023 01:34:05 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/22/2023 09:15:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/24/2023 08:00:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/15/2023 08:00:10 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 10/23/2023 08:00:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/19/2023 01:42:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/19/2023 01:41:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/18/2023 08:00:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/04/2023 03:28:36 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 10/02/2023 07:53:00 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM