Houston Natural Resources Corp (HNRC)

[Asvqw]

On June 24, 2013 the Company received a term sheet for the purchase of up to Two Hundred and Fifty Thousand ($250,000) Dollars of the Company’s common stock. The Company completed the Investment Agreement subsequent to June 30. The company has not drawn down any funds under the terms of the investment agreement.
On June 30, 2013 the Company entered into an agreement with World Capital Leasing Inc., to acquire a portfolio of leases for Three Million ($3,000,000) Dollars by the issuance of 600,000 shares of Series C Preferred Stock with a stated value of $5.00 per share. The transaction has been completed and the Series C Preferred shares have been issued pursuant to the agreement.
On July 9, 2013 the Company entered into a Letter of Intent to acquire the Honeywell Estates LLC for a total purchase price of Twenty Six Million ($26,000,000) Dollars. It provides for the payment of Two Hundred and Fifty Thousand ($250,000), assumption of a First Mortgage and the balance of payment in the form of a Secured Convertible Note. The transaction was scheduled to close on or before August 31, 2013. However,the company has not been able to complete the transaction and continues to work on a possible financing of the acquisition.