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Re: None

Tuesday, 10/21/2014 10:28:14 AM

Tuesday, October 21, 2014 10:28:14 AM

Post# of 221992
Would appreciate any help in finding this court document to show who the insiders mentioned in it are? Shouldn't it be public record if it's in the courts?
XUN ENERGY, INC. Symbol XNRG
http://investorshub.advfn.com/Xun-Energy-Inc-XNRG-17343/

From 10Q
http://ih.advfn.com/p.php?pid=nmona&article=64106606&symbol=XNRG

Common shares 385,460,240 May 31,2013
Common shares 7,151,568,163 August 31,2014 (Unaudited)

LEGAL PROCEEDINGS.


On September 5, 2014, a complaint (the “Complaint”) was filed against the Company in the Superior Court of Connecticut, Judicial District of Danbury (the “Court”) by Equity Capital Ventures, Inc. (“ECVI”) for the Company’s failure to pay $1,834,935 in debt obligations (the “Debt”) which ECVI had acquired from 11 persons (the “Debt Assignors”) through the execution of Debt Claim Purchase Agreements.
[color=red]The Debt Assignors consist of creditors of the Company including insiders of the Company[color=red][/color] that voluntarily assigned all or a portion of their receivable from the Company to ECVI subject to approval of a court.[/color] By a Stipulation between the Company and ECVI, the Company has agreed to settle the Debt in reliance on the 3(a)10 exemption from the Securities Act of 1933’s registration requirements pending a fairness hearing before the Court. The Stipulation, if approved by court order, provides for the issuance of shares of the Company’s common stock to ECVI (the “3(a)(10) Stock Issuance”) for resale by ECVI, resulting in sale proceeds to ECVI of approximately $2,038,818. ECVI shall retain $203,883 of the sale proceeds and shall transfer and deliver the $1,834,935 balance to the Debt Assignors.

Should this action be approved by the Court, there will be dilution to the Company’s stockholders. There are no assurances that the Court will approve the Stipulation and the 3(a)10 Stock Issuance. Further, there are no assurances that should the Court approve the 3(a)10 Stock Issuance that there will be a market for the common stock that will be issued to the ECVI.




My posts are not meant as investment advice. Always check company filings and do you own Due Diligence

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