Laredo Oil Inc (LRDC)

[morokoy]

As of December 21, 2023, Hell Creek Crude, LLC (“HCC”), a wholly owned subsidiary of Laredo Oil, Inc. (the “Company”), has received payments from various accredited investors in the total amount of $1,617,850. The payments are in anticipation of the execution of a proposed Participation Agreement between HCC, Erehwon Oil & Gas, LLC (“Erehwon”), the accredited investors who have made the $1,617,850 payments and additional accredited investors (collectively, the “Investors”). Several participating investors also currently hold $575,000 in convertible debt of the Company, plus accrued interest, which will be included under the Participation Agreement. The Company expects that additional accredited investors will invest another $416,150 under the Participation Agreement prior to its execution.



The Participation Agreement is expected to provide $2.034 million in cash to fund the drilling of a development well and the acquisition of certain leases currently held by Lustre Oil Company, LLC, a wholly owned subsidiary of the Company.



The foregoing is a description of the proposed investments and material terms and conditions of the proposed Participation Agreement and is not a complete discussion of the investments or the proposed Participation Agreement. The final material terms and conditions of the Participation Agreement will be disclosed following the execution of the Participation Agreement by HCC, Erehwon and the Investors.

https://fintel.io/doc/sec-laredo-oil-inc-1442492-8k-2023-december-21-19712-542