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Ault Energy to partner with White River Holdings Corp on drilling projects across 30,000 acres in Texas, Louisiana and Mississippi
LAS VEGAS–(BUSINESS WIRE) – July 11, 2022 — BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today announced the formation of Ault Energy, LLC (“Ault Energy”), a subsidiary of Ault Alliance, Inc., itself a subsidiary of BitNile.
Background on Ault Energy’s Oil and Gas Drilling Rights
The Company recently completed its previously announced transaction with Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST) by funding the purchase of $12,000,000 of Series A Convertible Redeemable Preferred Stock of Ecoark pursuant to the previously announced securities purchase agreement (the “Agreement”) between its wholly owned subsidiary Digital Power Lending, LLC (“DPL”) and Ecoark;
The Agreement provides Ault Energy, as a designee of DPL, the right to purchase up to 25% in various drilling projects of White River Holdings Corp (“White River”), a wholly owned subsidiary of Ecoark, commencing in July 2022;
White River may, in its sole discretion, allocate a greater percentage to DPL or its designee than 25%; and Ault Energy’s right to purchase a greater percentage than 25% is subject to reaching a mutual agreement with White River.
https://aultenergyllc.com
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