Major Announcement # 1 – Acquisition of minority interests in projects
According to the 3rd Quarter Financial Statements, PetroSun issued over 89 million shares of stock to acquire very significant ownership percentages of existing company projects and entities from Rae Ann, LLC.
This gives PetroSun a higher ownership percentage in all the below listed entities moving forward.
It appears that Rae Ann, LLC preferred stock in PSUD instead of owning a percentage of each project/entity individually. A good sign for increased stock value. Conversion timing matters.
Per the financial statements:
On September 20, 2021, the Company executed an agreement (the “September 2021 Agreement”) with Rae Ann, LLC (“Ray Ann”) to acquire all of Rae Ann’s interests in certain projects and other holdings in which PetroSun also holds interests. As consideration for the acquisition, the Company agreed to the issuance of shares in the Company equivalent to 17.5% of the pro forma, outstanding, diluted shares of the Company as of June 20, 2021.
Pursuant to the agreement, the Company will convey 89,171,959 shares to Rae Ann. The September 2021 Agreement is the latest of several letter agreements entered since July 29, 2016 between the Company, its subsidiary Arizona Energy Partners, LLC (“AEP”), and Rae Ann wherein Rae Ann provided funding. Rae Ann LLC, sole member is Robert Alexander.
The Company acquired incremental interests in certain projects in which the Company already owns interest, including the interests presented in the following table:
Project / Acquired Rae Ann, LLC interests
Princess Energy, LLC, 37.5%
NZ Legacy, LLC leases in Navajo and Coconino Counties, AZ, 37.5%
PetroSun Golden Eagle, LLC, 25.0%
Holbrook Basin Project-Working Interests, 12.0%
Holbrook Basin Project-Distribution Facility Ownership, 12.0%
Holbrook Basin Project-Processing Plant Ownership, 12.0%
Eau Resources, LLC , 20.0%
New "Eau" Entity, 20.0%
AgWater Solutions, LLC, 20.0%
Teche Mining LLC. 20.0%
